Fed Rate Hike Odds Near 90% as US-Japan-UK Central Banks Take Stage

The repricing is the story: swaps moved sharply on a single inflation print, which suggests the market is treating sticky core and pipeline inflation as more decisive than the headline CPI hold. That matters most for rate-sensitive corners of risk assets, where the earlier easing hopes now look premature. The open question is whether the Fed's own communication next week validates the swaps market or pushes back against it — and whether oil at $100 keeps feeding the inflation narrative that drove this move.