The likelihood of a Federal Reserve rate cut in June has increased to 7.1%, according to CME's "FedWatch" tool. This comes as the tool indicates a 0.5% probability of a 25-basis-point rate hike in April, with a 99.5% chance of rates remaining unchanged. Looking ahead to July, the probability of a cumulative 25-basis-point rate cut rises to 18.1%, while the probability of maintaining current rates stands at 80.6%.