Traders are reportedly increasingly betting that the Federal Reserve will only cut interest rates once this year amid signs of resilient economic growth and lingering inflation. The United States will release May CPI data on Wednesday and is expected to rebound, strengthening the central bank's wait-and-see attitude towards further easing monetary policy as it evaluates the impact of tariffs. The Fed is widely expected to keep interest rates stable next week, and futures and options tracking expectations for the Fed's policy path suggest traders are taking action to lift interest rate cuts premiums in coming months. Swap traders now expect a rate cut of about 0.45 percentage points before the end of the year, the smallest rate cut they expect since President Trump announced high tariffs in early April.