Investing.com – Investors seem much more confident midday that the Federal Open Market Committee will cut rates by a quarter point this afternoon, based on a measure of fed funds futures contracts.
There is now about a 76% chance the FOMC will lower rates to a range of 1.75% to 2% from 2% to 2.25%, according to Investing.com’s .
The probability of a quarter-point cut was at more than 90% just last week. But the odds dropped sharply this week, falling to below 50% at the close of stock trading Tuesday.
Stocks were lower ahead of the decision, with the off 0.3%. The yield fell 0.058 to 1.756%.
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