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According to the CME FedWatch tool, investors now see six rate cuts next year.
CME Group's FedWatch, a 70% chance of a May rate hike could usher the Fed Funds rate to the 5% - 5.25% range once the Fed completes its two-day policy meeting slated for May 3. As regards June, the odds of a pause stand at 61.5%.
Market expectations, as indicated by the CME Group’s FedWatch tool, currently suggest a 45% probability of a 0.25 percentage point rate reduction by the Fed in March.
Money markets have priced in an 86% probability that policymakers will reduce the Fed funds target rate by at least 25 basis points at the conclusion of their March policy meeting, according to CME’s FedWatch tool.
Source: https://genevatimes.ch/futures-mixed-as-year-end-approaches-rate-cuts-in-focus-by-reuters/
Prediction algorithm FedWatch by financial company CME put the chances of a rate hike in June versus a pause at 50-50.
The CME Group's FedWatch Tool projects the Fed will hold the Federal Funds Rate steady in a target range of 5.25-5.50% until 20 March 2023 (2024-Q1).
The US dollar has posted broad gains following the inflation release, and the Fed rate odds of a hike before the end of the year have jumped to 38%, up from 26% prior to the inflation report, according to the CME FedWatch Tool.