The Federal Reserve is now under growing pressure to cut interest rates and pump cash into the financial system at its next scheduled meeting later today, as fears of a full-blown market crash and recession spread across global markets.

Traders on Wednesday sharply trimmed their bets on Federal Reserve interest-rate cuts after U.S. President Donald Trump said he was further increasing tariffs on China but pausing for 90 days the big tariff increases he had announced last week for most other countries.

The patience reflects the fact that the Fed is grappling with a trade war as inflation consistently remains above the central bank’s 2 percent target. The last time the Fed acte