Before the announcement of the CPI, the probability of the Fed cutting interest rates by 50 basis points in September is 8%.

According to CME's "FedWatch": The probability of the Fed cutting interest rates by 25 basis points in September is 92%, while the probability of a 50 basis point cut is 8%. The probability of the Fed cutting rates by a total of 25 basis points in October is 21.2%, the probability of a total of 50 basis points cut is 72.6%, and the probability of a total of 75 basis points cut is 6.2%.