The probability of the Fed raising interest rates by 25 basis points is about 50%

In the Asian session on Tuesday (May 30), the U.S. dollar index fell back from a high, with the latest price of the U.S. dollar at 104.24, a drop of 0.04%. Markets assessed a temporary U.S. debt-ceiling deal to avert a default and further rate hikes by the Federal Reserve that could curb energy demand.

The latest from the Federal Reserve:

Markets are now pricing in about a 50 percent chance the Fed will raise interest rates by 25 basis points at its June 13-14 meeting, up from just 8.3 percent a month ago. “With the euphoria of a debt ceiling deal fading, concerns have grown that the Fed will raise rates again in June,” said Liquidity Energy LLC.