Investors are slashing bets that the Federal Reserve will cut interest rates this year, as the widening crisis in the Middle East sends petrol prices surging and threatens a fresh burst of inflation.
Markets are not anticipating a Fed rate cut until summer next year, according to trading in federal funds futures. It marks a dramatic shift from just weeks ago when traders were pricing in two quarter-point cuts in 2026.
The stark shift in Wall Street expectations highlights how the surge in energy prices caused by the war in Iran is prompting investors to rapidly rethink their outlook for inflation in the world’s biggest economy.
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