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"Investors were braced for a still slightly hot inflation number...

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    "Investors were braced for a still slightly hot inflation number thanks to the first quarter GDP report. While the first quarter had higher inflation than expected, the early indicators are that inflation was mostly frontloaded in January and began to simmer down," said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls, Wisconsin.

    Fed funds futures traders are now pricing for the Federal Reserve to cut rates by 36 basis points this year, with the first cut likely in September. (FEDWATCH)


 
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