Since the ADP data last week, I was curious about how the market is viewing the Federal Reserve's interest rate announcement, so I checked the CME data, and I see some surprisingly interesting signals. The probability of the Fed holding rates steady in June is about 94%, which is almost certain, and the chance of a 25 basis point cut is around 6%, considered quite low. Looking into July, the Fed maintaining rates has about an 88% probability, but the possibility of a 25 basis point cut increases slightly to around 12%. The scenario of a cut of more than 50 basis points is almost nonexistent, so the market does not expect a sharp rate cut. Ultimately, the market's expectation for the Fed rate announcement is aligned with maintaining the current level for the time being, and the key question is how this will move going forward.