Money market traders still expect the Fed to raise rates by 25 basis points on July 26, but they have reduced the chances of another this year .
"We're probably closer to the end of the cycle," he said, although he added that above-target inflation is still expected to persist in the longer term. Another factor cited by UBP's Villamin for the equity market rally has been a swell of liquidity from the Federal Reserve system.
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Stocks around 2023 highs as disinflation signal brings some reliefGlobal stocks traded around their highs for the year on Thursday as investors bet that the Federal Reserve was finally taming inflation and could end its rate hiking cycle as soon as this month.
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