U.S. federal funds futures indicate that the Federal Reserve may not cut interest rates before September

On May 13th, the federal funds futures in New York morning showed that traders expect the Federal Reserve to keep the benchmark interest rate unchanged in the next two policy meetings and possibly cut rates in September. According to the Chicago Mercantile Exchange (CME) Fedwatch Tool, traders estimate a 91.8% chance that the Federal Reserve will maintain the current interest rate range of 4.25% to 4.5% in June, and a 61.4% chance of keeping rates unchanged in July. Federal funds futures indicate a 52.4% probability of a 25 basis point rate cut at the Federal Reserve's next meeting in September