Futures traders expect that the Fed will cut rates by 0.5% next week. I hope they're right:

Odds that the policy-setting Federal Open Market Committee will lower its overnight lending rate to 3% from the current 3.5% dropped to as low as 58% Thursday before closing at 76%.

On Wednesday, traders had priced in a 100% chance of a 50-basis-point cut and a smaller chance of an even larger, 75-basis-point cut. They have fully priced in at least a 25-basis-point cut to 3.25%, according to futures contracts traded at the Chicago Board of Trade.