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The strong data meant investors are pricing out the likelihood of a cut in the first half of this year, noted Deutsche Bank’s Jim Reid this morning: “The probability of a cut by the June meeting (which would be the first with a new chair) fell to just 39% by the close, the lowest so far this year. So clearly there’s growing skepticism that a new chair can start cutting straight away, particularly with the data as strong as it is right now.”
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