💸 **Fed's balance sheet decreased by $1.5B in one week!**
📊 **Bloomberg Economics:**
- Major central banks worldwide are starting to cut rates, but the Fed is unlikely to follow, keeping the upper bound at 4.25–4.50% until the end of 2025.
🏦 **ANZ Bank:**
- Expect two Fed rate cuts—25 bps each in September and December.
📉 **U.S. Bank Economics Group:**
- Rates will remain at 4.25–4.50% until late July, with cuts possibly starting in September.
- Expect two 25 bps Fed rate cuts by the end of 2025.
📌 **Market expectations (Fed rate):**
- July 30: PAUSE.
- September 17: Cut by 25 bps to 4.00–4.25%.
- October 29: PAUSE.
- December 10: Cut by 25 bps to 3.75–4.00%.
- January 28, 2026: PAUSE.
- March 18, 2026: Cut by 25 bps to 3.50–3.75%.
- April 29, 2026: PAUSE.