Just caught something interesting in the swap markets today. Traders are increasingly betting that the Fed will cut rates by 15 basis points sometime in December, and the pricing is getting more confident about it. This shift toward looser policy has been showing up pretty clearly in the data over the past few weeks. The interest rates news keeps pointing to this dovish turn, especially as economic signals have been mixed. Basically, the market's already pricing in that rate cut for later this year, which is a pretty significant move from where we were a few months ago.