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WASHINGTON—The US Federal Reserve is highly likely to keep interest rates unchanged later this week, as policymakers contend with a recent uptick in inflation that has sharply cut the chance of a summer start to interest rate cuts.The Fed’s decision to hike interest rates and then hold them at a 23-year high has helped to significantly lower elevated inflation, although it remains stuck firmly above the US central bank’s long-term target of two percent.
”The markets are almost certain that the Fed will leave its key lending rate unchanged this week: Futures traders assigned a probability of less than three percent on Friday that it would announce a rate cut after its two-day meeting concludes on Wednesday, according to CME Group data.In light of the recent data, traders do not see a greater-than-50-percent chance of an interest rate cut until the Fed’s decision mid-September, according to CME Group.
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