(Reuters) -Traders on Wednesday kept bets on Federal Reserve rate cuts this year after Fed Chair Jerome Powell said the U.S. central bank is well-positioned to wait for greater clarity before making any changes to the stance of policy.

President Trump’s trade war has traders scaling up their bets on interest-rate cuts. Federal-fund futures now show that traders see a 59% chance that the Federal Reserve will cut rates by at least a percentage-point this year,

The European Central Bank lowered interest rates for the seventh time since last June, bringing the deposit rate to 2.25%. The widely expected cut comes as trade tensions threaten