99.4% probability of a 25BP Fed rate cut in November

According to CME ‘Fed Watch’, the probability of the Fed cutting 25 bps by November is 99.4%, and the probability of a 25 bps rate cut is 0.6%. The probability of a cumulative rate cut of 25 basis points by December is 32.0%, the probability of a cumulative rate cut of 50 basis points is 67.6%, and the probability of a cumulative rate cut of 75 basis points is 0.4%.