It is expected that there will be two more rate cuts by the end of the year (by 25 basis points each), with a cumulative reduction of 100 basis points this year. In his speech after the meeting, Powell also reiterated that there are currently no signs of recession in the US economy. Increasing the intensity of rate cuts is only to make up for the lack of rate cuts in July. A 50BP rate cut + the Fed's claim that the economy is not in recession is the best result of the market's previous forecast of rate cuts.