After yesterday's hearing, the market's general expectation for the Fed's interest rate cuts in 2025 is still that there is still the highest probability of no interest rate cuts in July. September may be the first interest rate cut in 2025, and the second may be in December.
The other two Fed directors who called for a rate cut in July, Waller and Bowman, were both promoted by Trump. Waller is also one of the candidates for the next Fed chairman.
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