Not Much Change in Fed Rate Expectations After Leak

The Fed accidentally released staff rate forecasts from June which are supposed to be held for five years before release. Notably, the staff seems to disagree with the FOMC consensus forecast for rates. They expect one 25bp hike by year end while the heads see 50bp. Fed Funds futures show the market didn't take the news to mean they should alter their expectations. They already saw only a 20% probability of a hike in September.