CME’s Fed Watch has always been a barometer. Now, the probability of changing interest rates before the third quarter is shockingly low, and risk assets still need to find direction in a range-bound market at elevated levels.

ME News Report, May 16 (UTC+8), according to CME "FedWatch": The probability that the Federal Reserve will keep interest rates unchanged until June is 96.8%, and the probability of a total cut of 25 basis points is 3.2%. The probability that the Federal Reserve will keep interest rates unchanged until July is 93.8%, the probability of a total cut of 25 basis points is 3.1%, and the probability of a total hike of 25 basis points is 3.1%. (Source: Jin10)