China Merchants Bank International: The market has fully priced in the expectation of a 25 basis point rate cut by the Federal Reserve this week.

CMB International released a research report stating that the market has fully reflected the expectation of a 25 basis point rate cut by the Fed this week. The U.S. appeals court rejected President Trump's request to dismiss Fed Governor Powell, clearing the way for Powell to attend this week's Fed meeting, which may witness internal division within the Fed. U.S. bond yields fell, the U.S. dollar index declined, cryptocurrencies generally fell, gold hit another record high, and oil prices rose.