Coin World News reports that the latest data shows a moderate rise in U.S. inflation in July. Additionally, Treasury Secretary Scott Basset stated that given the recent weak employment data, a significant rate cut of 50 basis points may be implemented. The market believes that the probability of the Federal Reserve cutting rates in September is close to 100%. According to the CME Group FedWatch tool, after the release of the July CPI data and Basset's comments, federal funds rate market traders on Wednesday estimated that the probability of a 25 basis point rate cut at the Federal Reserve's meeting on September 16-17 is 100%.