This Chart is Scary

#eurusd #eurodollar #dollar #fed #ratehike #100bp #inflation #cpi

Traders,

As you know, EuroDollar Futures has been one of the lead indicators regarding Fed rate hike action. As the futures drop, the inverse occurs with the U.S. dollar (DXY). It goes up. Likewise, the Fed tends to respond with a rate hike in accordance with the gravity of the EuroDollar's move down. Yesterday, the drop was huge after the CPI report was released! Is this chart possibly projecting a 100 bps rate hike? I, myself, am skeptical but this is what the data may be telling us. Thoughts?

Stew