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Traders now see an 84 percent chance that the Federal Reserve (Fed) will cut its benchmark borrowing costs by 75 basis points when it meets March 17-18, according to CME’s FedWatch tool. 

The probability of that steep of a cut in interest rates stood at 65 percent on Friday. The odds have increased with an all-out oil price war between Saudi and Russia bolstering the coronavirus-led riak aversion in the markets. 

If the Fed obliges, the fed funds rate would fall to a range of 0.25%-0.5% from the current target of 1%-1.25%. The central bank cut rates by 50 basis points last week to contain the negative impact of coronavirus on the US economy and financial markets.