While the Federal Reserve is widely expected to keep interest rates on hold when it meets next week — despite intense pressure from US President Donald Trump for a cut — investors will be closely watching for any hints from chair Jay Powell about the pace of future easing.
Markets are currently pricing in a less than 3 per cent chance that the Fed will cut in July, but economists surveyed by Reuters still expect at least one quarter-point reduction later this year, while futures markets expect one with a high chance of a second by December.
The Fed has been under unusually high pressure from the president, who has been scrutinising the cost of refurbishing its Washington headquarters as he steps up his attacks on the chair.
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