Traders expect the Fed to cut interest rates by 50 basis points at one of its three remaining meetings this year.

At the recent Jackson Hole central bank symposium, Fed Chairman Powell hinted that the priority has shifted from fighting inflation to protecting jobs, saying that a further cooling of the labor market would be "unwelcome." He did not use the word "gradual" to describe the pace of future rate cuts, a move that some investors see as opening the door to a quick rate cut. Traders now expect the Fed to cut rates by a full percentage point by the end of the year, meaning one of the three remaining meetings in 2024 will be a 50 basis point cut. (Jinshi)