Gold Finance reported that economists at Bank of America, in a report responding to client concerns, said that the Federal Reserve's actions have historically tended to be more moderate than expected, avoiding hawkish surprises. "The Fed typically prefers to fully foreshadow any tough signals in advance to avoid unexpectedly tightening financial conditions. The Fed appears to prefer to surprise in the direction of moderation." According to CME Group data, the market currently expects a 55% probability of a 50 basis point rate cut from the Fed, with a 45% probability of a more moderate 25 basis point cut. "Bank of America believes that the Fed is unlikely to implement a strong rate cut, which should provide support for long-term bonds and curve steepening."