Jay Powell is this week widely expected to announce the first cut in US interest rates for more than a decade, as the Federal Reserve chairman seeks an insurance policy against a weakening global outlook and rising trade tensions.
If he follows through with the move, it would be the first reduction in the federal funds rate since 2008, the aftermath of the global financial crisis. It would represent a remarkable reversal from the tightening cycle Mr Powell pursued last year.
Swap contracts imply that investors have priced in a more than 80 per cent chance of a 25 basis point cut at the Fed’s monetary policy meeting on Wednesday, with nearly 20 per cent likelihood of a larger cut.
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