A rate cut by the Fed later this month seems almost a done deal to traders after disappointing services reading fueled recession fears.
Traders are now pricing in a 93% chance of a quarter-point rate cut at the Fed's October meeting and a 50% chance of another cut in December."Policymakers are going to need a bigger gun to stop this avalanche of bad news from dragging down business and consumer confidence even further," said Chris Rupkey, chief financial economist at MUFG.
Traders are now pricing in a 92.5% chance of a quarter-point rate cut at the Fed's October meeting and a 50% chance of another cut in December, according to the
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