Little progress on trade negotiations keeps the market betting on more aggressive easing

Rate cuts by year-end
- Fed: 90 bps (86% probability of no change at the upcoming meeting)
- ECB: 66 bps (74% probability of rate cut at the upcoming meeting)
- BoE: 87 bps (99% probability of rate cut at the upcoming meeting)
- BoC: 46 bps
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