Markets are increasing bets on three Fed rate cuts this year

According to CME's "Fed Watch," the probability of a 25 basis point rate cut in October is 96.3%, and the probability of a 50 basis point cut is 3.7%. The probability of a cumulative 25 basis point rate cut in December is 0%, the probability of a 50 basis point cut is 85%, the probability of a 75 basis point cut is 14.6% (the probability was 0% yesterday), and the probability of a 100 basis point cut is 0.4%.