Before the CPI was released, the probability that the Fed would cut interest rates by 25 basis points before June was 56%

According to CME's "Fed Watch": the probability that the Federal Reserve will keep interest rates unchanged in May is 97.2%, and the probability of cutting interest rates by 25 basis points cumulatively is 2.8%. The probability that the Fed will keep interest rates unchanged until June is 42.4%, the probability of a cumulative 25 basis point interest rate cut is 56%, and the probability of a cumulative 50 basis point interest rate cut is 1.6%.