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The Federal Reserve has not cut rates so far this year, after lowering them by a percentage point late last year.

Traders on Wednesday kept their bets it will continue to cut rates this year.

It has since cut rates a further five times, taking its key rate to 2.5%.

Coventry Building Society became the largest mortgage provider to cut its two-year fixed rate to below 4% on Wednesday as several others also cut rates.

Lenders are set to cut rates on mortgages after turmoil from US President Donald Trump's tariff policy raised expectations that UK interest rates could be cut further this year.