This marks the ECB’s eighth cut since June 2024, pulling eurozone borrowing costs down to levels last seen in 2022. Analysts attribute the move to a blend of Trump-era trade tensions, a cooling inflation trend, and mounting economic friction—ranging from sluggish growth and restrained investment to a broader mood of unease.

The decision lands just as U.S. President Donald Trump ramps up criticism of the Fed and its chairman, Jerome Powell. Posting to Truth Social, Trump dubbed him “‘Too Late’ Powell” and insisted he “must now lower the rate.” Despite Trump’s ongoing frustration with the Fed, traders aren’t buying the rate-cut hype—at least not yet.

Both prediction markets and CME futures suggest the odds of the U.S. central bank trimming rates remain slim. The Federal Funds Rate (FFR) currently sits in a target band of 4.25% to 4.50%, with the effective rate clocking in at 4.33% as of June 3, 2025. The Federal Reserve has kept rates locked in place since December 2024.

Polymarket bet at 10 a.m. Eastern time on June 5, 2025.

Polymarket traders, who’ve pushed $30.43 million through the platform for this specific prediction, are leaning hard on a 97% chance the Fed won’t touch the FFR. A slim 3% are still holding out hope for a quarter-point trim.

CME Fedwatch Tool at 10 a.m. Eastern time on June 5, 2025.

Kalshi’s odds are only slightly off that mark, with 95% of Kalshi bettors expecting the rate to stay put in the 4.25% to 4.50% range. As of 9 a.m. Eastern on June 5, 2025, CME’s Fedwatch Tool shows near-identical expectations, placing the likelihood of no change at 95.8%.

With Europe easing and the U.S. holding firm, the global rate picture reveals a widening policy gap that could shape capital flows, currency moves, and political narratives in the months ahead. As traders weigh probabilities and leaders apply pressure, the Fed’s next step may hinge less on noise—and more on numbers that haven’t yet hit the tape.

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