With the Fed's interest rate decision looming, the outcome looks even more uncertain. In the past few hours, traders have placed a more balanced bet between a 50 basis point cut (currently about 55% probability) and a 25 basis point cut (45% probability), according to CME. A 50 basis point cut was still favored by a 2:1 probability margin earlier on Wednesday, but the more conservative option of a 25 basis point cut has gained more support due to strong economic data. Treasury yields are rising as the likelihood of a sharp rate cut decreases. The yield on two-year Treasury bonds is currently at 3.657%, compared with 3.59% at Tuesday's close.