Istanbul, June 20 () - Traders are confident that the Federal Reserve will cut rates next month according to the fed funds futures market. The market is currently pointing to a 100 percent chance the central bank will ease monetary policy in July, with a 67.7 percent chance of one rate cut to 2.0 percent to 2.25 percent range and a 32.3 percent of two rate cuts, according to data from the CME FedWatch tool on Thursday. Although the Fed kept interest rates unchanged on Wednesday, Fed Chairman Jerome Powell signaled a more dovish approach in the future. "Many participants now see the case for somewhat more accommodative policy has strengthened," he said at a press conference following the policy statement, adding that policymakers are concerned about trade developments and global growth. "Risks seem to have grown," he underlined.