Past seven days have been extraordinary in terms of rate hike expectations from the US Federal Reserve. As all policymakers spoken this week suggested faster rate hikes in 2017, sooner than the market is expecting, the rate hike expectations in the March FOMC meetings, which would be held on 14-15th, jumped from just 30 percent to 90 percent as of last night.

In the past seven days, the market participants have priced three rate hikes in 2017 for the very first time, since it was suggested by FOMC policymakers in last December. As the March hike expectation reached 90 percent last night, the market participants also fast forwarded their hike expectations in terms of meeting. According to latest calculations,

• The first rate hike is now priced in March.
• The second one is priced in July, fast forwarded from September and just shy of getting forwarded to June.
• The third one is expected in December.

The dollar has benefited from this aggressive pricing and the index is currently trading at 102, up more than 1 percent in the past seven days.