Analysts are scrabbling to work out when and by how much the US Federal Reserve will cut rates this year, after Wednesday's Federal Open Market Committee meeting opened the door for as much as a 50bp cut in July.
The Fed kept interest rates steady in the target range of 2.25%-2.5% this month, but has dropped the word “patient” from its wording towards policy changes. Furthermore, the Fed’s "dot plot" — anonymous FOMC member interest rate projections released quarterly — is hinting at pressure within the FOMC
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