A few weeks ago, bets on a rate cut soon were so overwhelming that Fed Chairman Jerome Powell publicly warned that conditions for a rate cut in March were unlikely. Less than three weeks later, swap market pricing showed that traders were not only ruling out March, but also considered May to be extremely unlikely, and even their views on June were wavering. Former U.S. Treasury Secretary Summers expressed what some market participants are already thinking about last Friday: the possibility that the Fed’s next move is to raise interest rates is not low. (Bloomberg) #Bitcoin‬ $BTC