CME Group's FedWatch tool is indicating a soar in the chances of a 50 basis point rate cut by the Federal Reserve at its September FOMC meeting. As of now, the probability stands at 83.5%, a significant jump from the 11.4% recorded just a week prior. The market participants who rely on this tool also estimate a 16.5% chance of a 25 basis point cut, while the odds of no change remain negligible.