As the release of the U.S. Consumer Price Index (CPI) approaches, the financial market's expectation for the Fed to cut interest rates in September is becoming stronger. According to the "Fed Watch" tool from the Chicago Mercantile Exchange (CME), the market currently expects an 82.5% probability that the Fed will cut rates by 25 basis points in September, while the likelihood of maintaining the interest rate is only 17.5%.

Looking ahead to October, market views on the Fed's policy direction are more divided. Data shows that the probability of the Fed keeping interest rates unchanged in October is 6.5%, the probability of a cumulative rate cut of 25 basis points is 41.5%, while the probability of a cumulative rate cut of 50 basis points reaches 52.0%.

These data reflect the judgments of market participants regarding the US economy and inflation outlook. The upcoming CPI data will be one of the key factors influencing the Fed's decisions, and investors are closely monitoring this important economic indicator.

It is worth noting that the Fed's policy adjustments not only affect traditional financial markets but also have a significant impact on the cryptocurrency market. Recently, the price trends of major cryptocurrencies such as Ethereum (ETH) are closely related to expectations of macroeconomic policies.

As U.S. policymakers evolve their stance on cryptocurrency regulation, the market is also paying attention to the potential impacts that regulatory changes may bring. The future direction of Fed policy and its effect on the cryptocurrency market still requires further observation.