Turmoil in Washington has triggered massive selloffs in the equity market this week along with an increased demand for safe havens. As the US media outlets continue to bombard the Trump administration with an array of fake news, the treasuries gain and the market expectations of rate hikes slipped.

• The market is currently pricing one more hike from the US Federal reserve for 2017, instead of two hikes just a week ago.
• The market is now pricing 65 percent probability of the next hike in June compared to 83 percent a week ago and 78 percent just a day ago.
• Just a week ago, the market was pricing a 55 percent probability of the third and final hike for 2017 in December but as of now, it dropped to just 37 percent.
• The market pricing of the third hike in September declined from 38 percent a week ago to 21.8 percent.

The dollar index gave up all the Trump-trade gains and dropped to the lowest level since last October. The dollar index, which is the value of the dollar against a basket of six currencies, is currently trading at 97.50