The positive momentum was set to continue into Wall Street, with S&P 500 futures up 0.1% and Dow futures up 0.4% .
Norman Villamin, chief group strategist at UBP, said he expected another Fed rate hike in July, but that the September meeting was more uncertain. "Getting the 3% is one thing, getting back to 2% is going to be a much harder task," Villamin said. "That puts a floor on how low bond yields can go again."
The Fed's reserve repo account, which is where eligible firms can park cash at the central bank in exchange for risk-free return, stands at $1.8 billion, down from $2.3 billion at the end of April, according to Refinitiv data, indicating $500 billion of liquidity has come back into markets in that time .
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