Fed funds futures now price in a certainty of a September cut
So much for one-and-done
Fed fund futures now show a 100% chance of a rate cut at the September 18 meeting. That includes a 5% chance of a 50 basis point cut.
After the cut on Wednesday, the odds of a September cut fell as low as 58% but that's shot higher on Trump's tariff announcement.
Looking to year end, the implied odds of at least 50 basis points of cuts are 79%.