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Oct. 16, 2019, 9:20 a.m. EDT

Probability of an October Fed rate cut soars after disappointing retail sales data

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By Chris Matthews

Fed funds futures markets on Wednesday indicated a 90.3% probability that the Federal Reserve will cut interest rates for a third consecutive meeting when the central bank's interest-rate setting committee gathers Oct. 30 and 31, up from a 73.8% chance Tuesday, according to CME Group data. The move follows a Commerce Department estimate that U.S. retail sales fell in September for the first time in seven months. The yield on the 10-year U.S. Treasury note fell 2.7 basis points to 1.742%, that on the 2-year note fell 3.7 basis points to 1.577%, while the 30-year Treasury Bond yield retreated 0.6 basis point to 2.226%. A monthlong strike at General Motors may have contributed to weaker sales, after it has idled tens of thousands of workers in the Midwest.

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