The bond market has higher conviction that the Federal Reserve will leave interest rates steady this week after consumer price gains last month were in line with expectations. Swaps traders lowered to about 10% the probability of an 11th straight increase in the US policy rate Wednesday, when Fed officials conclude a two-day meeting, from the current 5% to 5.25% range. While they also trimmed the odds of a quarter-point increase in July, that outcome is still judged to be likelier than not as inflation remains elevated. “They have the option” this week “to skip,” Abby Joseph Cohen, former senior investment strategist ... (full story)