Asia markets set to fall after Fed minutes point to more rate hikes to come

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Asia markets set to fall after Fed minutes point to more rate hikes to come
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U.S. Federal Reserve officials said that a brief pause in its tightening cycle would give the committee time to assess the impacts of the hikes.

As of mid-afternoon Wednesday, the probability the Fed will go in July climbed to 88.7%, up from 81.8% a week ago, according to interest rate traders. The odds that rates will be left unchanged fell to 11.3% from 18.2% last week.

Almost three quarters, or 73.2%, of interest rate traders think the fed funds rate will stand at 5.25%-5.50% by the conclusion of the September 20 Federal Open Market Committee meeting, up from 69.1% last week. Odds that rates will stand a half point higher, at 5.50%-5.75%, by the end of the September meeting are now 17.7%, little changed from 16.4% a week ago.Federal Reserve officials still have a recession as the most likely base case for the U.S.

"Given the continued strength in labor market conditions and the resilience of consumer spending, however, the staff saw the possibility of the economy continuing to grow slowly and avoiding a downturn as almost as likely as the mild-recession baseline," the minutes said.

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