Core Viewpoint - The market fully priced in a 25 basis point rate cut by the Federal Reserve during the September FOMC meeting, with significant trading activity in federal funds futures contracts [1] Group 1: Market Expectations - The overnight index swap (OIS) rate linked to the Fed's September policy meeting dropped to a daily low near 4.08%, indicating a 100% probability of a 25 basis point rate cut [1] - The market currently anticipates a total of 62 basis points in rate cuts across the remaining three FOMC meetings this year, an increase from 59 basis points at the previous close [1]