A trader works on the floor during morning trading at the New York Stock Exchange (NYSE) on March 10, 2023 in New York City.
Spencer Platt | Getty Images
It seemed like only yesterday that markets were sure that a tougher Federal Reserve was going to raise its benchmark interest rate a half percentage point at its meeting in less than two weeks.
That’s because it, in fact, was yesterday. On Thursday, traders in the futures market were almost certain the Fed would take a more hawkish monetary policy stance and double up on the quarter-point hike it approved last month.
But one bank implosion and a cooperative jobs report later, and the market has changed its mind.
The probability of a 0.25…