CME FedWatch data showed markets priced a 66.3% probability that the Federal Reserve would keep interest rates unchanged in July, and a 33.7% probability of a cumulative 25-basis-point rate hike.

According to Jin10, the same tool showed that by September, the probability of rates remaining unchanged was 33.1%, while the probability of a cumulative 25-basis-point hike was 50% and the probability of a cumulative 50-basis-point hike was 16.9%.