Traders boost bets on Fed rate cuts
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FILE PHOTO: An eagle tops the U.S. Federal Reserve building's facade in Washington, July 31, 2013. REUTERS/Jonathan Ernst/File Photo
(Reuters) -Short-term U.S. interest-rate futures rose on Wednesday after a report that President Donald Trump is likely to fire Federal Reserve Jerome Powell soon, with traders now betting on rate cuts starting in September and at least one more by December.
Trump has railed against Powell for not cutting rates. A recent Supreme Court ruling suggests no change to the long-held understanding that the law prohibits a president from firing a Fed chair over a policy difference.
(Reporting by Ann Saphir)
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