According to CME interest rate futures data, the Federal Reserve kept interest rates unchanged at 3.5%-3.75% last night, as expected. Market expectations have shifted significantly, with investors now pricing in an 11% probability of a rate hike this year, up from 0% on April 29th. CME FedWatch data shows the probability of rates remaining unchanged in June is 98.6%, with a 25 basis point cut priced at only 1.4%.
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