Chances of an October Fed rate cut increase after survey shows a slump in manufacturing

Chances of an October Fed rate cut increase after survey shows a slump in manufacturing

Traders work on the floor at the New York Stock Exchange, August 13, 2019.
Eduardo Munoz | Reuters

Traders now see a bigger chance of another rate cut by the Federal Reserve this month after a key gauge of U.S. manufacturing showed the worst reading since 2009, raising fears of a recession.
The fed funds futures market now points to a 63% chance of a quarter-point rate cut at the Fed’s October…

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