Traders cut their expectations for another big rate cut by the Federal Reserve to zero by next June.

According to CME Fedwatch data, after the Fed cut interest rates by 50 basis points in September, the federal funds futures rate market expected the probability of the Fed to further cut interest rates by 175 basis points or more by June next year soared to 77%. Traders now believe that the probability of the Fed cutting interest rates again in the meantime has returned to zero. The Fed's forecasts have been terrible in the past. Skeptics, including Wall Street Journal columnist James Mackintosh, point out that Fed policymakers are widely divided on where interest rates will eventually stay. (Jinshi)