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Wells Fargo expects the Federal Reserve to implement two 25 basis point rate cuts this year, in September and December, after forecasting three rate cuts.
U.S. interest rate futures imply that the Federal Reserve will cut interest rates by 76 basis points by the end of 2024; it is expected to cut interest rates by a total of 196 basis points by October 2025.
Traders now expect the Fed to cut interest rates by 100 basis points by the end of the year. Economist Mohamed El-Erian said they had overstated the possibility of a major rate cut by the end of the year: "In my opinion, the market has now digested so many rate cuts, which is problematic." In recent days, traders in the swap market have cemented their confidence that the Fed will cut rates by up to 100 before the end of the year...
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