Traders raised the likelihood of multiple 2023 rate cuts on Tuesday, a day ahead of the Federal Reserve’s policy decision. Fed funds futures traders see a 59% chance that the Fed’s main policy rate target will drop to between 4.25% and 4.5%, or even lower, versus a 28% chance seen on Monday, according to the CME FedWatch Tool. That implies at least three quarter-point rate cuts this year, after accounting for a widely expected quarter-point rate hike on Wednesday that would take the fed funds rate target to between 5% and 5.25%. On Tuesday, Treasury yields outside the T-bill space fell broadly lower and all three major…