The Federal Reserve released the minutes of its May meeting, which showed the bank expects one or two 0.25% interest rate cuts by the end of the year.

The Federal Open Market Committee sees Trumps April tariffs as highly detrimental to the global risk sentiment.

However, such an impact was largely reversed in the opinion of the FOMC following measures that opened the door for trade negotiations.

The minutes added that Trumps trade policies weakened GDP growth outlook in 2025 and 2026 according to estimates by Fed economists.

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