CME Group FedWatch shows 53% chance Fed cutting rates in July vs. 63% late on Monday

According to the CME Group FedWatch tool, Federal funds futures imply traders see about 53% chance of the Fed cutting rates in July vs 63% late on Monday, as reported by Reuters.

• Traders see 14% chance Fed cutting rates at June 18-19 meeting, down from 27% late on Monday.
• Traders see about 86% chance Fed cutting rates in September, down from 90% late on Monday.
• Traders see nearly 97% chance Fed cutting rates in December, down from 98% late on Monday.