Joe Biden’s hopes of a pre-election rate cut were dealt a blow on Thursday after inflation and growth data led investors to push back expectations of a move by the Federal Reserve.
According to futures contracts, investors are now no longer fully confident that the Fed will deliver its first quarter-point reduction by September.
They are instead now only fully pricing in such a move by the central bank’s November 6-7 meeting, immediately after the November 5 election, when Biden is set to face his Republican rival Donald Trump.
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