The odds of a Fed rate cut in June just spiked

• Investors ramped up bets that the first rate cut would come in June after Wednesday's Fed meeting.
• CME's FedWatch Tool showed expectations of a June cut hit 70%, up from 55% earlier in the day.
• The Fed's dot plot forecasts three cuts in 2024.

Market expectations for a June rate cut spiked Wednesday following the Federal Reserve's decision to hold interest rates steady and its nod to three rate cuts still in the cards for 2024.