Wall Street has reined in bets on a third straight interest rate cut as the US Federal Reserve’s hawks voice concerns that inflation remains too high to justify lower borrowing costs.
The probability of another quarter point cut, implied by market prices, has fallen from nearly 70 per cent to 40 per cent over the past week after several members of the rate-setting Federal Open Market Committee made plain their lack of support for action at the next meeting on December 10.
The shift — in which investors have also pared back expectations for more cuts in 2026 — contributed to a sell-off in equities and an uptick in two-year Treasury yields this week, amid investor jitters over valuations in AI stocks.
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