Traders are anxiously awaiting the Federal Reserve's rate decision, which is set to be announced shortly. The market is divided on whether the Fed will cut interest rates by 25 basis points or 50 basis points. According to the CME, the probability of a 50 basis point cut stands at 55%, while a 25 basis point cut is at 45%. This decision is highly anticipated as it will be the first rate cut in four years, and it comes just two months before the Presidential election. The Federal Reserve, led by Jay Powell, faces a challenging decision as it balances the risk of recession against the potential for reigniting inflation. The announcement is expected at 2pm.