to go ahead with a 50 basis point hike to tame too-hot inflation despite volatility in financial markets, traders of U.S. rate futures firmed up their bets that the U.S. central bank will raise interest rates by 25 basis points next week.
The likelihood of a 25 basis point hike at the March 21-22 meeting was also bolstered on Thursday by an unexpected drop in jobless claims, which pointed to continued labor market strength, and stronger-than-expected housing data. However, traders also continued to price in rate cuts starting in the summer, with the Fed policy rate seen below 4 per cent by year end.
The U.S. central bank has raised its benchmark overnight interest rate by 450 basis points since last March from near-zero to the current 4.50 per cent-4.75 per cent range.
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