Polymarket Traders See 32% Chance of No Fed Rate Cuts This Year [Yahoo! Finance]
Bank of America Corporation (BAC)
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Source: Yahoo! Finance
Traditional markets have scaled back expectations to two 25 basis points rate cuts from six in early January. The probability that the U.S. Federal Reserve (Fed) will keep interest rates unchanged this year is rising. Betters on blockchain-based betting site Polymarket now see a 32% chance of the Fed keeping the benchmark interest rate steady between 5.2% and 5.5% by the end of the year. That's a significant change from the 7% probability seen nearly a month ago. Meanwhile, punters see a 27% probability of a 25 basis points (bps) rate cut. The hawkish shift in the market sentiment could dampen the demand for risk assets, including cryptocurrencies and technology stocks. According to some analysts, bitcoin's {{BTC}} surge to record highs above $73,000 in the first quarter was primarily fueled by the anticipation of swift interest rate cuts. The uptrend in the leading cryptocurrency by market value has stalled since mid-March, with prices trading between $60,000 and $70,000.
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