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BNP Paribas and Macquarie have become two of the latest banks to push back their expectations of US interest rate cuts.

A team of economists at French bank BNP said in a note that they expect the first Federal Reserve rate cut to take place in December, later than previously anticipated.

“In light of stronger-than-expected US inflation data to start the year amid still-robust growth, we are changing our Fed call,” they wrote late on Friday evening.

Macquarie also signalled in a note the same day that it now anticipates the first rate cut to occur in 2025, later than previous expectations for a quarter-point rate cut in December.

Traders in the futures market are still betting on between one and two rate cuts this year.

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