CME Fed Watch: Chance of 50 bp rate cut in November rises to 58%

On September 25, the CME's FedWatch tool now shows a 58% chance of a 50 bps rate cut in November, and Marc Chandler of Bannockburn said expectations that the Fed will cut rates by another 50 bps in November weighed on the greenback yesterday, even though the dollar has recovered somewhat. The Conference Board's consumer confidence index for September came in below expectations yesterday, showing weakness in consumer confidence, especially in the labor market, sparking speculation that the Fed will cut rates by another 50 basis points.