He said that the next move could be higher or lower without committing in either direction, and this was taken as a buffer to the market’s growing expectations for a cut at some point this year. Ahead of that rate decision, odds were over 65% for at least one cut in 2019. Less than a week later, and probabilities are now closer to 56.8%. Notably, US equities rallied last Friday to recover a large-portion of the FOMC-fueled losses in the index. But, this week hasn’t been so kind thus far, as sellers have remained aggressively on the ask.


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