The market currently has a strong expectation for interest rate cuts, with the probability of a rate cut currently at 97.8%.

This means that at the Federal Reserve meeting on September 17, 2025, it is highly likely that the target interest rate will be lowered from the current range of 425 - 450bps to the range of 400 - 425bps.

"Interest rate cuts" have become an overwhelming consensus, and this expectation continues to strengthen over time. There are even predictions in the market suggesting a decrease of 50 basis points. I believe a decrease of around 25 basis points should be a certainty, but a decrease of 50 basis points is less certain.