US investors have become more cautious than the Federal Reserve on expectations of interest rate cuts this year, betting the central bank could reduce rates fewer than three times after a spate of strong economic data.
Swap markets on Tuesday priced in just 0.68 percentage points of cuts by December, fewer than the 0.75 percentage points of cuts that the Fed has projected.
Traders have also scaled back expectations on when those rate cuts will start slightly, putting the odds of a move in June at around 63 per cent, after data in the last week suggested the economy was growing while inflation remained sticky.
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