The market had been pricing in a pessimistic scenario where the Fed would hike rates 4 more times (25 basis points each) by mid-2027. But today, during intraday trading, New York Fed President John Williams said after the September rate hike, there’s no rush to take the next step and there’s still time to gather more data. This directly slashed the probability of an October rate hike from 70% in the morning to 49.3%, driving a rebound in U.S. stocks. I think there won’t be a rate hike in October, especially before the midterm elections.