Market-implied odds of a rate hike at the Federal Reserve's July 29 meeting have fallen from a peak above 46% to under 17% by July 21, per CME FedWatch data. That risk did not disappear, it moved: odds for the Fed's September 16 meeting climbed to roughly 73%, up from about 26% five weeks earlier. Bank of Canada governor Tiff Macklem faces his own September 2 decision two weeks before the Fed's, with oil prices the variable both central banks are watching.
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WTI reversed three weeks of decline in just two trading sessions after the US reinstated its naval blockade of Iranian ports on July 13.
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Brent was the only one of the three to finish above its starting level, while the index and gold both fell.
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