Traders are highly anticipating a rate cut by the Federal Open Market Committee (FOMC), with market odds currently standing at 96%. The primary focus is on the magnitude of the potential cut, as economic conditions continue to be evaluated. Federal Reserve Chair Jerome Powell is set to speak at 2:30 PM ET, where he may offer additional insights into the FOMC's decision-making process. The expected rate cut underscores ongoing economic assessments and its potential impact on financial markets.