Investors have raised bets that the Fed could deliver a 25bp hike as soon as
this month, but Federated Hermes chief market strategist Phil Orlando said that
is unlikely, expecting the Fed to look through a temporary energy-supply shock
and keep rates unchanged. Last week’s weak US labor-market data pushed
expectations for a final hike later into the year. London Stock Exchange Group
data show money markets price a July 25bp hike at 22%.
