The FOMC interest rate meeting is 5 hours away.

The Federal Open Market Committee meeting will be held in about 5 hours. Data from the CME "FedWatch" tool shows that the market widely expects the Fed to cut interest rates by 25 basis points at this meeting: - 400-425 range: 94.0% probability - 375-400 range: 6.0% probability - 0% probability of maintaining the current rate. The Fed's current rate hike cycle began in March 2022 and has lasted for 3 years and 6 months. The Fed last raised rates to 5.25%-5.50% in July 2023 and has maintained it since then. As of the close of yesterday, the Nasdaq Composite Index has risen by over 9000 points during this period, up by 70.04%, the Dow Jones Industrial Average has risen by 35.97%, and the S&P 500 Index has risen by 54.07%. Fed messenger Nick Timiraos believes the following are key points for this meeting: 1. Will the Fed signal further rate cuts? In the quarterly economic forecast, Powell and his colleagues may hint at a total of three rate cuts by 2025. 2. Who will oppose rate adjustments? At the July meeting, two Fed officials, Michelle Bowman and Christopher Waller, both opposed the decision to keep rates unchanged. Will they oppose again, or do they believe that more aggressive rate cuts are necessary? 3. How will new members vote? President Trump's economic advisor Stephen Moore was approved by the Senate this week to become a new Fed governor. Will he support the central bank's consensus, or will he, as some analysts expect, push for the more aggressive rate cuts that the president has been advocating for?