CME FedWatch data shows that it is unlikely the Fed will cut interest rates at the FOMC meeting on July 30. There is a 4.7% probability that the FOMC will cut them, while there is a 95.3% probability that interest rates will remain unchanged. Investors now consider a rate cut at the end of the year more likely.
This comes despite the statement from Federal Reserve Governor Christopher Waller, who raised the possibility of a rate cut in July. Waller stated that the Federal Reserve has a monetary policy that is too restrictive and should consider a rate cut this month.
Previously, U.S. President Donald Trump also called for a cut in the interest rate of at least 300 basis points. The president stated that the Federal Reserve's delay is costing the country enormous losses.