Investors have sharply increased their bets on a half-percentage-point interest rate cut by the Federal Reserve next week, as the US central bank prepares to lower borrowing costs for the first time in more than four years.
Traders in swaps markets are currently pricing in a 49 per cent chance that the Fed will opt for a bumper cut in a bid to prevent high rates from damaging the economy.
On Thursday, they had priced in just a 15 per cent chance.
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