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Fed funds futures traders continued to pull back on Wednesday from pricing in an aggressive start to the Fed’s next rate-hike cycle.The market-implied chances of a 50 basis point rate hike in March dropped to 33% on Wednesday from 41% the prior day, while the likelihood of a 25 basis point rate increase went up to 67% versus 59% previously, according to the CME FedWatch Tool. In addition, the chance that two half-point hikes could be delivered by May fell to 10% on Wednesday from almost 13% The sentiment shift comes as Deutsche Bank economists said in a note on Tuesday that the Fed “will not want to act as an additional source of market uncertainty and volatility.
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