### Comment:
As long as everyone knows that a 100% probability of a rate cut is a complete work of fiction and abuse of terminology. And if we could actually determine the probability of a rate cut, or even the probability that the market truly expects, it would be actionable and we could compute expected values of trades off of it.

### REPLY:
If it was a binary event, maybe, but it's not. The amount and guidance are the issue at this point.

### END.