According to CME Fed Watch on July 26, the likelihood of the Federal Reserve maintaining the current interest rates in August is 93.3%, with a 6.7% chance of a 25 basis point reduction. By September, the probability of any rate remaining unchanged drops to 0%, with an 88.6% chance of a 25 basis point cut, an 11% chance of a 50 basis point cut, and a 0.3% chance of a 75 basis point cut.