Traders price in 4 Fed rate hikes by June 2027 as bitcoin slides below $83,000
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U.S. Treasury yields across the entire curve are pushing to new highs as traders prepare for a longer stretch of tighter monetary policy. CME FedWatch puts the 4.75% to 5% federal funds range as the likely outcome for June 2027.
That would mean four quarter-point hikes from today’s 3.75% to 4% range. Meanwhile, the Federal Reserve has already raised the fed funds rate by 25 bps this month.
The pressure is across the entire Treasury market. The 20-year yield is approaching 5.5%, which has sent the long-bond ETF (TLT), to all-time lows below $80. While the 10-year yield is above 5.1%, levels last seen in 2007. Borrowing costs are rising beyond the U.S. too, with government bond yields under pressure in France, Germany, the U.K. and Japan.
Higher yields and a stronger dollar are weighing on risk assets. The dollar index has climbed above 101, up 3% this year. While, bitcoin has fallen below $83,000, from its local high of $87,500 and gold remains just above $4,200, down 25% from its January all-time high.
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