CME Fed Watch: The probability of a 50 basis point rate cut in November has risen to 58%

CME's Fed Watch tool currently shows a 58% chance of a 50 basis point rate cut in November. Bannockburn's Marc Chandler said expectations that the Fed will cut rates by another 50 basis points in November weighed on the dollar yesterday, although it has since recovered. The Conference Board's September consumer confidence index was lower than expected yesterday, showing weak consumer confidence, especially in the labor market, sparking speculation that the Fed will cut rates by another 50 basis points. (Jinshi)