Wealthy traders are betting millions on a 25 bps Fed rate cut

Core Insights - The Federal Open Market Committee (FOMC) is set to meet on October 28-29, with significant attention from global investors regarding potential interest rate cuts [1] - Polymarket traders are indicating a 98% probability of a 25 basis points cut in the benchmark interest rate during this meeting [2][3] Market Predictions - Traders on Polymarket are pricing in a 98% likelihood of a 25 basis points rate cut, with only 1% betting on a cut greater than 50 basis points and another 1% expecting no change [2] - Previous predictions on Polymarket have shown accuracy, as seen in the September meeting where a 91% chance of a 25 basis points cut was correctly forecasted [3] Cryptocurrency Market Reaction - Following the September 17 rate cut confirmation, major cryptocurrencies like Bitcoin, Ether, and XRP initially surged before experiencing a pullback [4] - Current trading values show Bitcoin at $115,406, Ethereum at $4,133.61, and XRP at $2.65, reflecting slight declines in their prices [5]