[Probability of the Federal Reserve Keeping Rates Unchanged in July at 66.3%, in September at 31.0%] According to CME 'FedWatch': The probability of the Federal Reserve keeping rates unchanged in July is 66.3%, while the probability of a cumulative 25 basis point rate hike is 33.7%. By September, the probability of the Federal Reserve keeping rates unchanged is 31.0%, the probability of a cumulative 25 basis point rate hike is 51.1%, and the probability of a cumulative 50 basis point rate hike is 18.0%. AI Interpretation: This data directly reflects the market's pricing expectations for the Federal Reserve's monetary policy path. The probability of maintaining current rates dominates, clearly indicating the market's cautious stance toward short-term rate hikes. The rising probability of a rate hike in September reveals heightened market concerns over inflation persistence and policy tightening. This distribution of expectations underscores the necessity for the Federal Reserve to maintain policy stability in the current high-interest-rate environment. The market is recalibrating its risk assessment of future rate movements based on this data.