Two 25 basis point cuts, who does this reduction serve?

ME News Report, May 21 (UTC+8), the Federal Reserve meeting minutes show that market participants expect the federal funds rate target range to remain largely unchanged this year. The implied probability of a rate hike in the first quarter of 2027 from option prices is about 30%. Surveys indicate that there will be two 25 basis point rate cuts in the next year, with the cuts expected to occur later than in the previous survey, respectively in the third or fourth quarter of 2026 and the first quarter of 2027. (Source: ChainCatcher)