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After weeks of market trepidation about stalling U.S. disinflation amid still-brisk economic growth, Federal Reserve top brass are making clear that this year's rate cut plans are on ice until further notice.
Fed futures are taking the message on board, with as little as 40 basis points of easing now priced for the whole year - less than two quarter-point cuts. Uncertainty about any rate cut before November's election has re-emerged and just 23bps of cuts are now in the price by the Sept 18 meeting. The Fed's so-called 'Beige Book' of the latest economic conditions is due for release later on Wednesday. And news on Tuesday of a sharp drop in housing starts last month cut through the heat registered elsewhere.
But, even with eyes back on regional bank earnings again on Wednesday following last year's disturbance, implied stock volatility captured by the VIX , opens new tab slipped back a tad to 18.
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