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MACRO VIEW: IRX HINTS NO SEPTEMBER RATE HIKE BY FED

INDEX:IRX   13-Week Treasury Bill
IRX             ( 13-week treasury bill             index) failed to hold above relevant highs of 0.07% and reverted back to hear-zero levels.

Due to its correlation to Effective Fed Funds rate, IRX             will serve as an expectations indicator of upcoming federal reserve rate hike

Most likely reason of the lack of expectations regarding the rate hike in September is another leg of downtrend in oil             happening currently, which will again drive US inflation towards zero and away from the FED's 2% targat (one of 2 key conditions of the perspective rate hike)
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