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Three Half-Point Fed Hikes Priced In; Treasury Curve Inverts

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US Faces a Stagflationary Environment, MKM's Darda Warns
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Traders are now fully pricing three half-point Federal Reserve rate hikes in coming months, while the 30-year Treasury yield fell below its five-year counterpart for the first time in a month. 

Money markets see a 50-basis-point increase in June, July and September, Fed swaps show. That would add to 75 basis points of tightening delivered by the US central bank since the start of this year.