The probability of next week's rate cut of 25 bps is 87%

With the week coming to a smooth end, the U.S. presidential debate and various macro data did not bring significant volatility. Next week the Fed rate cut expectations are gradually converging, and currently from the interest rate trading data provided by the CME, the probability of next week's rate cut of 25 bps is 87%, and the probability of a rate cut of 50 bps is only 13%

Meanwhile, options data shows a significant decline in IVs across all major terms, with market volatility expectations falling short and the market theme for September still oscillating
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