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According to the CME “Fed Watch”: the probability that the Fed will keep interest rates unchanged in May is 79.7%, and the probability of a 25 basis point cut in interest rates is 20.3%. The probability that the Fed will keep interest rates unchanged until June is 24.5%, the probability of a cumulative 25 basis point cut is 61.5%, the probability of a cumulative 50 basis point cut is 14.1%.

A legal advocacy group filed a petition with the U.S. Court of International Trade on Monday to block sweeping tariffs imposed by President Trump on foreign trading partners on the grounds that the president exceeded his authority. The lawsuit was filed by the Liberty Justice Center, a legal advocacy group, on behalf of five U.S. businesses that import goods from countries affected by the tariffs." No individual has the authority to impose a tax that has such a large impact on the global economy," Jeffrey Schwab, senior counsel at the Liberty Justice Center, said in a statement. “The Constitution gives Congress the power to set tax rates (including tariffs), not the president.”