The market-implied chance of another Federal Reserve rate hike by January jumped to as high as 25.1% on Thursday, up from 17.1% a day ago, after Chairman Jerome Powell spoke about the possible need to take more action against inflation. Fed funds futures traders briefly saw a 23.3% chance of a quarter-point hike by the first month of the year, and a 1.8% likelihood of a bigger half-point increase from a current fed funds rate level between 5.25%-5.5%, according to the CME FedWatch Tool. Treasury yields remained broadly higher in Thursday afternoon trading in New York, while all three major stock indexes were down.
