March 3, 2020 / 3:28 PM / a month ago

Futures traders greet Fed rate cut with bets on more to come

(Reuters) - Traders of futures contracts tied to the Federal Reserve’s policy rate reacted to a sooner-than-expected reduction in borrowing costs Tuesday with bets on more to come as the central bank moves to try to shield the U.S. economy from the effects of the new coronavirus.

After the U.S. central bank delivered an emergency half a percentage point rate cut two weeks ahead of their March meeting, interest-rate futures traders camped up their bets on another such cut by April.

Reporting by Ann Saphir; Editing by Chizu Nomiyama

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