This week saw odds of a Federal Reserve rate hike at the end of the month fall from 70% to 20% . The reasons being: The change in rate-hike expectations arose despite other data suggesting the economy is stronger than previously thought. Namely, real consumer spending grew 0.6% in August – above expectations for 0.5% growth – and second-quarter real GDP growth was revised up to 2.2% from 1.5% on stronger spending and business investment. With rate-hike odds easing and the economy looking resilient, the Nasdaq-100® is up 1% this week to a new record high, even as 10-year Treasury yields rose over 10bp to nearly 5.3% (and reached as high as 5.34% – their high since 2002 ).
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