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BlockBeats News, May 13th, according to CME's "FedWatch," the market has now priced in a more than 30% probability of a rate hike before December. Following the unexpected strength in the U.S. April PPI data, the market believes it is now much harder for the Fed to justify any rate cuts this year.

The April PPI rose by 1.4%, significantly higher than the consensus expectation of 0.5% among economists, indicating stronger-than-expected inflationary pressures and reinforcing the market's repricing of the rate path. (FXStreet)