Wall Street has raised its wager on the Federal Reserve making an aggressive half-point cut to US interest rates when it meets this week, with traders now putting the odds of a jumbo cut at about 64 per cent.
Since late last week, investors in the futures market have steadily ramped up expectations of a bigger cut from central bank officials at this week’s meeting concluding on Wednesday — rather than the more traditional 0.25 percentage point change.
The increased expectations come in the wake of US economic data that has shown the labour market slowing and inflation cooling. The Financial Times and The Wall Street Journal reported last week that the Fed was facing a close call on whether to cut rates by a quarter point or half point.
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