Having been massively overbought in the futures market, it is hardly surprising that a correction of some sort has occurred. The correction was given added impetus when the Fed’s FOMC minutes were released, which caught complacent markets on the hop. It was generally expected that there would be no rise in interest rates following the June meeting, but these minutes were more hawkish. So much so, that unless there is a definite turn for the worse in the economy, it appears that the Fed funds…
