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Jennifer Lee, senior economist at BMO Capital Markets, predicts the Fed will hold interest rates steady this year before cutting rates in 2027. Fed Chair Kevin Warsh is set to speak later this month at the Jackson Hole Economic Policy Symposium.

As investors debate whether and when the Federal Reserve will raise interest rates, market expectations for further tightening are building around the world — and spelling trouble for bonds.

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Federal Reserve expected to hold rates steady this year, BMO economist says, with cuts seen in 2027