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Is an interest rate cut in the offing?

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

The US Central Bank will be meeting on Tuesday and Wednesday, and is expected to smooth the way for an interest rate cut later in the summer. A growing number of economists and investors are expecting a cut at the July 30-31 meeting, CNBC reported.

Reading the market: Fed funds futures are signaling market expectations of about a 20% chance of a rate cut this week and about 80% for July. The Fed last raised interest rates in December to a range of 2.25% to 2.50%.

Heard on the Street: Economist at Jefferies Group who believes rates will remain unchanged: “I am hard pressed to figure out what all the fuss is about… I think the slowdown in the data now is the slowdown we are going to get.”

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