🇺🇸 Minutes from the U.S. Federal Reserve Meeting: Market Leans Toward Rate Cuts

The minutes from the U.S. Federal Reserve meeting indicate that the baseline policy path implied by option prices (which reflect the market’s main expectations) has slightly declined during this period. This suggests the possibility of one to two rate cuts (each by 25 basis points) by the end of the year — just slightly more than what was projected at the March FOMC meeting.