On July 15, bond traders are increasing their bets that the Federal Reserve will cut interest rates by 50 basis points in September, instead of the standard 25 basis points. Marilyn Watson, global head of fundamental fixed income strategy at BlackRock, said the Fed is likely to cut interest rates in September. But she also believes the Fed may start moving earlier in July. CME Group Inc.'s futures unpositioned squaring contract data showed that buying volume on Thursday was close to 260,000 contracts, setting a record for October contracts. Buying interest remained high on Friday. Any buying at a higher price points to an expectation that more people will believe that the Federal Reserve may start its first easing cycle in years with an outsized move.