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Fed funds futures priced a 95% probability of a 25bp cut at the September meeting, up from 48% a week earlier, with 62bp of cuts seen this year. Minneapolis Fed President Kashkari said the Fed may need to cut soon given a slowing economy.
Rising odds of rate cuts weigh on the dollar, which can support dollar-priced agricultural commodities and feed ingredient exports.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.