Traders Pare Bets on Aggressive Fed Tightening

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Traders are paring back their bets on how far the Federal Reserve will go in their tightening cycle.
Derivatives markets on Thursday showed the benchmark federal-funds rate touching as high as [5% by Spring 2023](https://www.wsj.com/livecoverage/stock-market-news-today-2022-10-20/card/treasury-yiel

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