Money-market pricing on 21 August shows traders no longer expect the Federal Reserve to deliver the two quarter-point rate cuts that had been anticipated for later this year. The shift follows a gradual reduction in easing wagers over recent weeks, leaving investors unsure whether the US central bank will lower borrowing costs at all in 2025. A similar rethink emerged earlier in the week in the United Kingdom. By 18 August traders were betting that the Bank of England would keep its benchmark rate unchanged at 4% for the remainder of the year, abandoning previous projections for further monetary easing.