“We’ve got a very awkward outlook the next year, which is playing into traders’ thought process. We’re looking…at much lower growth globally, lower growth out of the U.S. as well,” said Jarrod Kerr, chief economist at Kiwibank.It has fallen nearly 7 percent this quarter, putting it on track for the largest quarterly decline since 2010.
Money markets are pricing in a 93 percent chance that the Fed will raise rates by 50 basis points, with rates now seen peaking at just below 5 percent in May.
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