As of Monday, data from the futures market shows that the probability of a 25 basis point rate cut on Wednesday is about 100%.

Since the beginning of the New York session on Monday, the market has been slightly volatile, which is likely related to the uncertainty regarding what actions the Federal Reserve will take and what signals it will release in tomorrow night's interest rate decision.

A rate cut is a rate cut, but if it is a rate cut + hawkish dot plot + hawkish Powell speech, then it will require new important macro data to overturn such sentiment.