Wells Fargo: Fed expected to open door for rate cut this month

Despite increased political turmoil in the U.S., investors are still insisting that U.S. interest rates will fall this year. The data from Chase & Co. show that the Federal Reserve next week to stay put and on September 18th to cut interest rates are more than 90% of the likelihood of a total of three rate cuts this year is nearly 50% of the likelihood. That's virtually unchanged from before Biden dropped out of the race. Wells Fargo economists said in a report that they expect the Fed to leave policy unchanged this month, opening the door for a rate cut. They added that the Fed's past record suggests it won't shy away from cutting rates at its last meeting before the election.