Odds are increasing that the Federal Reserve will keep interest rates steady through the next three Federal Open Market Committee meetings after a hotter-than-expected reading on producer prices Friday. According to the CME FedWatch Tool, odds that the headline interest rate is steady through the June meeting are 34.9%, up from 7.8% a week ago and 18.4% on Thursday. “The slowdown in consumer spending on Thursday was a bad-news-is-good-news event and this morning’s PPI report only further muddies the waters, because two strong inflation reports (CPI and PPI) show why the Fed is going to need to move much more slowly to cut interest rates,” writes Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.
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