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The probability that the US Federal Reserve (Fed) would cut rates three times this year has risen to 80%, according to Wall Street Journal’s Daily Shot Newsletter. 

The odds have risen sharply over the last two weeks, possibly in response to fears the coronavirus is spreading outside China and could cause a marked slowdown in the global economy. 

The markets have turned risk averse this week with the Dow Jones Industrial Average losing more than 2,000 points in the last three days and gold, a classic haven asset, rising to seven-year highs near $1,690 on Monday. 

While investors are eyeing rate cuts, the Fed minutes of the Jan. 28-29 meeting released earlier this month said the interest rates likely would remain unchanged for a while.