Traders price in four Fed hikes by June 2027 as bitcoin falls below $83,000

Traders price in four Federal Reserve rate hikes by June 2027 as bitcoin falls below $83,000. CME FedWatch puts the likely June 2027 federal funds range at 4.75% to 5%. The hikes would take the federal funds rate from today's 3.75% to 4% range. The Federal Reserve has raised the fed funds rate by 25 basis points this month. U.S. Treasury yields across the entire curve are pushing to new highs. The 20-year Treasury yield is approaching 5.5%. The long-bond ETF TLT has fallen to all-time lows below $80. The 10-year Treasury yield is above 5.1%. Those levels were last seen in 2007. Government bond yields are also under pressure in France, Germany, the United Kingdom and Japan. The dollar index has climbed above 101. The index is up 3% this year. Higher yields and a stronger dollar are weighing on risk assets. Bitcoin has fallen from its local high of $87,500 to below $83,000. Gold is just above $4,200. Gold is down 25% from its January all-time high.