Speculative Bet on Mega-Caps and A Less Hawkish Fed Than Priced In?

1:39 p.m. ET The market is having to adjust to rapidly shifting rate-hike expectations. According to the CME’s FedWatch Tool, there is a 91.8% probability of a 75-basis point rate hike on Wednesday (versus 3.9% a week ago), an 85.7% probability of another 75-basis point rate hike at the July FOMC meeting (versus a 0.4%…