The Federal Reserve has a 98.3% probability of cutting rates by 25 basis points in October, with a 1.7% chance of holding rates steady, CME FedWatch Tool data show ahead of tonight's CPI release. For cumulative cuts totaling 50 basis points by December, the probability stands at 93.4%, while a 25-basis-point cumulative cut has a 6.5% likelihood and unchanged rates hold a 0.1% probability. The next two FOMC meetings are scheduled for October 29 and December 10.