Before Powell's speech, the probability that the Fed would cut interest rates by 100 basis points by November was 7.0%

According to CME's "Fed Watch", before Powell's speech, the probability that the Fed would cut interest rates by 50 basis points by November was 54.2%, the probability of a cumulative rate cut of 75 basis points was 38.9%, and the probability of a cumulative rate cut of 100 basis points was 7.0%.