- Worries of a US recession had faded, shown by market mood. Despite this, traders expect the Federal Reserve (Fed) will cut interest rates by 50 basis points at the September meeting.
- Market players found some relief following the ISM Services PMI release, which revealed the economy continues to expand at a healthier pace following a dismal ISM Manufacturing PMI report and a dismal US jobs report.
- A deteriorated market mood would continue influencing traders as fears of a US recession ignited a sell-off among the largest stock market indices.
- The Fed decided to hold rates unchanged last week but indicated that favorable data on inflation and further weakening in the labor market could prompt action.
- The CME FedWatch tool shows the odds for a 50 bps Fed rate cut at the September meeting were lowered from 85% on Monday to 69.5%.
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