On July 25, according to CME's "Fed Watch": The probability of the Fed keeping interest rates unchanged in August is 93.3%, and the probability of a 25 basis point rate cut is 6.7%.
The probability of the Fed keeping interest rates unchanged by September is 0%, the probability of a cumulative 25 basis point rate cut is 89.6%, the probability of a cumulative 50 basis point rate cut is 10.2%, and the probability of a cumulative 75 basis point rate cut is 0.3%