Fed fund futures show traders expect a 75 basis point rate cut by the US central bank
Bengaluru — Gold rose more than 1% on Monday, recouping losses from a steep slide in the previous session, amid the fast-spreading coronavirus and hopes for a rate cut by the US Fed.
“On Friday, the US Federal Reserve board hinted they’re going to be dropping interest rates and that’s a great thing for gold right off the bat,” said Stephen Innes, chief market strategist at financial services firm AxiCorp. The Fed fund futures showed that traders expect a 75 basis point rate cut by the US central bank in its March monetary policy meeting.
The expectations for a rate cut also supported other safe havens, with the benchmark US 10-year Treasury yields falling to a record low and the Japanese yen rising to its highest since October.
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