New York CNN —
Federal Reserve Chair Jerome Powell is known for providing clear signals about the central bank’s next interest rate move in order to avoid roiling markets. But Wall Street was mostly clueless this week when it came to predicting how big a rate cut the Fed would deliver on Wednesday.
What made this time different?
The jumbo half-point cut the Fed ultimately rolled out was not at all what traders expected a week ago. Rather, they were overwhelmingly expecting the Fed to cut by a more traditional quarter point, according to fed funds futures, which capture market expectations for
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