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: Traders move away from Fed’s rate outlook, coalescing around idea of full percentage point of rate cuts by year-end

Resending to correct headline.Fed funds futures traders now see a 39% likelihood that the Federal Reserve will cut rates to between 3.75% and 4% by December — down from a current range of 4.75% to 5%. That view represents the most likely scenario they foresee as of Friday. Traders have moved away from the Fed’s own median expectation for a 5.1% fed funds rate by year-end amid ongoing concerns about the global banking system. On Friday, Treasury yields were broadly lower in morning trading, while all three major U.S. stock indexes were also down.

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