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Interest rate cut looks likely

Fed Chair Jerome Powell (Credit: Office of the Federal Reserve)

Former Fed Governor, Sarah Bloom Raskin, told CNBC that Jerome Powell sent a message to the markets indicating that a rate cut is coming. Moreover, roughly 98 percent of analysts surveyed by Bloomberg now expect the central bank to cut interest rates at least once this year.

Heard on the Street: Powell said in a recent speech yesterday: “We are closely monitoring the implications of these developments for the US economic outlook and, as always, we will act as appropriate to sustain the expansion.”

What comes next: The Federal Open Market Committee (FOMC) is scheduled to meet on June 18-19 where it will decide on interest rates.

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