US interest rate futures fall after Powell says hawkish policy needs more time
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Reuters
US interest rate futures fall after Powell says hawkish policy needs more time
April 16, 2024 at 5:36 p.m. GMT
US interest rate futures fall after Powell says hawkish policy needs more time
April 16 (Reuters) –Interest rate futures, which track expectations of the Federal Reserve's monetary policy moves, fell on Tuesday after Federal Reserve Chair Jerome Powell said recent inflation data did not give policymakers the confidence to move on interest rate cuts soon to be able to.
“Recent data clearly has not given us greater confidence and instead suggests that it will likely take longer than expected to achieve that confidence,” Powell said at a forum in Washington.
The drop in interest rate futures prices following his comments suggested that traders see diminished prospects that the Fed will cut interest rates more than once this year. Just two weeks ago, three cuts of a quarter of a percentage point each were priced into the interest rate futures markets by the end of the year.
Reporting by Dan Burns
Editing by Chris Reese
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