Wall Street market participants have suddenly turned optimistic on interest rate cuts by the Fed following the recently released soft economic readings. The CME FedWatch tool currently shows a 78% probability of a Fed fund rate cut by 25 basis points in September. This probability was around 62% just a week ago. Moreover, the interest rate derivative tool also shows a 76.5% probability of two rate cuts by the end of 2024.Soft Economic DataThe Department of Labor reported that the U.S. economy added 206,000 ...