The market currently assigns an 87.8% probability that the Fed's target rate will be 400-425 bps by the September 17, 2025 meeting, down from the current 425-450 bps. There is also a 12.2% chance of a more aggressive 50 bps cut, bringing the rate to 375-400 bps. This indicates a strong market expectation for rate cuts by late 2025, which could positively impact growth-oriented assets.