According to the CME "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 67%, and the probability of cutting interest rates by 50 basis points is 33%. The probability of the Fed cutting interest rates by a cumulative 50 basis points in November is 44%, the probability of a cumulative 75 basis point cut is 45%, and the probability of a cumulative 100 basis point cut is 11%.