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Market pricing for upcoming rate hikes is certainly being supported by the stronger April personal income and spending numbers this morning, if the Fed is really data-dependent and looking at growth momentum, these numbers would do very well for GDP (gross domestic product) tracking and that's helping push yields higher.
After such a strong move there are a lot of investors trying to get their bearings on where things go next, we'll see whether Dudley actually lets the higher pricing for June stand or whether he tries to lean against, but it's tough for investors to see where the next move in rates is going without seeing what the remarks from Dudley will be.
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