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Traders see Fed cutting rates

Federal Reserve Chairman Jerome Powell on Wednesday signaled more interest rate hikes over the next couple of years, but traders of U.S. interest rate futures aren’t buying it. In fact, they now expect a rate cut in 2020.

“The market reaction suggests the market thinks the Fed got it wrong yesterday, and that the Fed’s decision yesterday will ultimately manifest itself in weaker global growth, softer domestic inflation, and ultimately a reversal of course,” economists for NatWest Markets wrote in a note on Thursday.

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