Fed rate hold probability for June meeting at 99.5%

According to the CME FedWatch Tool, the probability of the Federal Reserve (Fed) holding interest rates steady at its June meeting is 99.5%, with a 0.5% chance of a 25 bp cut. For the July meeting, the probability of a rate hold is 92%, with a 7.9% chance of a 25 bp hike and a 0% chance of a 25 bp cut.