96.5% probability that the Fed will leave rates unchanged in May

According to the CME "Fed Watch": the probability that the Fed will keep interest rates unchanged in May is 96.5%, and the probability of a cumulative interest rate cut of 25 basis points is 3.5%. The probability that the Fed will keep interest rates unchanged in June is 41.6%, the probability of a cumulative 25 basis point cut is 56.4%, and the probability of a cumulative 50 basis point cut is 2.0%.