A pair of large bets in the fed funds futures market are attracting attention on Wall Street by setting aside the market-implied consensus for the Federal Reserve’s first interest-rate cut. The wagers stand to benefit from a ramp-up in expectations that US policymakers will reduce rates as soon as July. While it’s still a far-fetched outcome — given only one basis point worth of easing is priced in by the July 31 decision — the bets underscore momentum in the market for a cut. One such catalyst for a shift in the market’s rate expectations could come when Fed Chair Jerome Powell gives his scheduled testimony to a ... (full story)