In recent days, the market's expectations for future Fed rate moves have been particularly clear, according to data provided by the Chicago Mercantile Exchange's (CME) FedWatch tool. The data showed a 98.9 per cent probability that the Fed would cut rates by 25 basis points in November, almost certain, compared with a 1.1 per cent probability that rates would remain unchanged. This expectation reflects the market's deep insight into the current economic situation and monetary policy.

Specifically, the market's expectation of a Fed rate cut in November is so strong that it may be closely related to the current economic situation. Against the backdrop of slowing global economic growth, ongoing trade tensions and relatively moderate inflation pressures, the Fed's choice to cut interest rates to stimulate economic growth and maintain financial stability is undoubtedly in line with market expectations. In addition, the Fed's decision to cut interest rates also reflects its ability to flexibly respond to economic challenges and its determination to maintain financial market stability.

The market also has clear expectations for the Fed's interest rate move in December. According to the data, the probability that the Fed will keep current interest rates unchanged by the end of December is just 0.2%, which is almost negligible. On the contrary, the consensus view is that the Fed will continue to cut rates in December, with a 17.1% probability of a cumulative 25 basis point cut and an 82.7% probability of a cumulative 50 basis point cut. This expectation indicates that the market has a high degree of confidence in the easing trend of monetary policy in the future, and believes that the Federal Reserve will take more active measures to deal with the downward pressure on the economy.

Despite clear market expectations, the Fed's monetary policy decisions are influenced by a number of factors. Economic data, financial market conditions and international developments are all likely to have an important impact on the Fed's decision. Therefore, there is still some uncertainty about the future direction of policy.