Hotter-than-expected readings on consumer prices — and on some wholesale prices — over the past two days have led markets to price in a higher likelihood that the Federal Reserve will opt for a smaller, more conservative interest rate cut at its September meeting.
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As of Thursday, investors were placing the probability of the Fed lowering rates by 50 basis points at its meeting next week at just 15%, down from the 44% chance seen a week prior, per the CME FedWatch Tool.
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