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Traders are placing their bets that rates will dip in September
“We welcome today’s reading and hope for more like that,” Fed Chair Powell said at the close of Wednesday's FOMC meeting.
Rising home prices and mortgage rates pushed monthly payments up 15% last month, year over year.
After sixth consecutive month with no change, the likelihood of cuts in 2024 feels "more out of reach."
The slowdown comes at the same time that the Federal Reserve's efforts to combat inflation have stalled.
Interest rate hikes and balance sheet reduction shrink net income for the central bank.
