The market is pricing in a near-certain Fed rate cut by the September 2025 FOMC meeting, with a 96.4% probability of rates falling to the 400-425 bps range from the current 425-450 bps. Investors should monitor the upcoming FOMC meeting for signals on the timing and magnitude of cuts, as the market's reaction could lead to a "sell the news" event or a rally in risk-on assets. This outlook suggests a potential tailwind for growth stocks like PLTR if the market embraces a risk-on sentiment.