According to online reports, the minutes of the Federal Reserve meeting mentioned that recent policy interest rate expectations have dropped due to weaker-than-expected employment data and a significant increase in downside risks to employment. Almost all respondents to the market expectations survey expect that the interest rate target range will be lowered by 25 basis points at this meeting, and about half of the respondents expect another reduction at the October meeting. The vast majority of respondents expect at least two 25-basis point interest rate cuts by the end of the year, with about half expecting three rate cuts throughout the year. Respondents 'expectations for 2027 and beyond remain unchanged, meaning their revisions to near-term expectations reflect a judgment that the federal funds rate will return to its long-term level sooner than previously expected. Market-based policy interest rate expectations are generally consistent with the survey results, showing that there will be about three 25 basis point interest rate cuts by the end of the year.