Investors have fallen into line with the Federal Reserve’s expectation that it will cut interest rates just three times this year, ending a months-long stand-off between markets and the central bank.
Following a run of economic data signalling that US inflation is stubbornly high, traders were on Friday pricing in only three quarter-point rate cuts by the end of the year, according to data compiled by LSEG.
Before Tuesday’s unexpected rise in US inflation, investors had bet on almost a full percentage point of cuts by December. In January, they were pricing in between six and seven quarter-point cuts by the end of 2024.
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