According to Golden Finance, the probability of the Federal Reserve cutting interest rates by 50 basis points next week has slightly increased. This follows a Wall Street Journal report stating that policymakers are considering a 25 basis point or 50 basis point cut. The September OIS contract dropped about 3 basis points to a low of around 5.04%, suggesting a 28 basis point cut at the September meeting. This movement is heading towards the median of the Wednesday range; the implied cut at Wednesday’s close was 26 basis points. Bets on the total rate cut this year remain at around 103 basis points, unchanged for the day.