A record downward revision to annual US job growth, paired with no surprises in the latest inflation data, sealed the deal for the Federal Reserve to cut interest rates next week.
While traders are betting the US central bank will embark on a series of reductions, they concluded that the European Central Bank is done lowering borrowing costs after staying on hold for a second meeting. ECB policymakers offered no guidance on future steps, continuing to stress that they’ll act one meeting at a time based on incoming data.