Markets certain on rate cut despite Fed's stance
In spite of repeated claims by Federal Open Market Committee (FOMC) members that the risks between inflation and growth are now balanced, interest rate futures traders believed on Wednesday that a December cut is more likely than ever.
Going into the Thanksgiving holiday on Thursday, futures traders had fully priced for a 25 basis point cut at the 11 December meeting, and believed there was a 14% chance of the FOMC slashing rates by half a percentage point.
"The case for the Fed cutting rates
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