Odds Of 4 Fed Rate Hikes Top 50% As Treasury Yields Rise, Dousing S&P 500 Rally

While President Trump's apparent China trade-war detente grabbed all the headlines on Monday, Treasury yields and Fed rate-hike odds quietly continued their recent surge.

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That may explain why stocks, which rallied early after Trump's Sunday tweet called for a rescue of Chinese telecom gear giant ZTE, had trouble staying positive. The S&P 500 briefly turned negative before the blue-chip index clawed out a 0.1% gain. The Dow Jones and Nasdaq composite also settled with slim advances.

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