Markets are pricing in roughly a 30 % chance of a Federal Reserve rate hike at its July 28-29 meeting. Despite this modest probability, ING’s Chris Turner expects the Federal Open Market Committee to signal readiness to raise rates if necessary, while possibly opting not to act immediately. The federal funds target range has remained at 3.50 %-3.75 % since the June meeting, as inflation persists at elevated levels. Expectations for September and October are higher, with probabilities of 68.5 % and 71.5 % respectively.
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