The Federal Reserve faces a close call over whether to cut US interest rates by a larger than expected half-point next week or go with a quarter-point move, as officials wrestle with how quickly to ease monetary policy.
Questions over the size of the cut come as futures markets increasingly price in a more modest quarter-point reduction from the Fed when its pivotal meeting concludes on Wednesday.
Any cut next week would be the central bank’s first in more than four years, and after holding rates at a 23-year high of 5.25 per cent to 5.5 per cent since last July, would come with seven weeks until November’s presidential election.
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