Consumer price inflation data set a new 40-year high in June, according to the U.S. Labor Department.
Market Prices In Aggressive Hikes: Following the June inflation data, short-term fed funds futures rose, suggesting a peak fed funds rate of 3.68% by the end of 2022, said Bill Ackman, founder of hedge fund Pershing Square. The Federal Reserve will likely begin cutting the rate thereafter, taking it down to 2.9% by January 2024, he added.
