New Purchases in the Europe Portfolio

Why the Fed's Next Move Matters More Than Markets Admit

The Federal Reserve's meeting this week has turned into an unusually close call, with markets pricing in a rate cut even as policymakers signal reluctance. Investors are leaning heavily toward a 25-basis-point move, convinced that cooling data gives the Fed room to ease. Yet the central bank appears set to push back on expectations for a faster cycle, highlighting how far apart markets and policymakers remain.