As the Federal Reserve's interest rate decision draws closer, the outcome is becoming increasingly uncertain. According to CME data, traders are placing more evenly balanced bets between a 50 basis point rate cut (currently around 55% probability) and a 25 basis point cut (45% likelihood) in the past few hours. Earlier on Wednesday, a 50 basis point cut was favored at a 2:1 probability advantage, but stronger economic data has led to more support for the more conservative 25 basis point cut option.

With the possibility of a larger rate cut diminishing, US Treasury yields are rising. The yield on the two-year Treasury note is currently at 3.657%, up from 3.59% at the close of trading on Tuesday. (Gold Ten)