The probability that the Fed will cut rates by 25 basis points in September is 90.5 per cent, and the probability of a 50 basis point cut is 9.5 per cent. The probability of a cumulative 25 bps rate cut by the Fed through November is 21.7%, the probability of a cumulative 50 bps rate cut is 71.1%, and the probability of a cumulative 75 bps rate cut is 7.2%.