Hopes for more Fed rate cuts dim as Powell notes hot CPI means ‘we’re not quite there yet’

A Federal Reserve interest rate cut won’t be coming until at least September, if at all this year, following a troubling inflation report Wednesday, according to updated market pricing. Futures markets shifted from the expectation of a June cut and possibly another before the end of the year to no moves until the fall, with a minimal chance of a follow-up before the end of 2025.
Source: CNBC – Bonds