falling to 4.11% in early Asian trading, the lowest since May 2023, amid increased bets on the Fed's interest rate cut amid fears of a United States recession. As of press time, interest rate futures show that the market is pricing in an 87 bp rate cut by the Fed this year, 13 bp away from the bet of four rate cuts this year. The Fed has three more meeting windows to cut interest rates this year, and the probability of a 50 bp rate cut by the Fed in September rises to 33%.