Crypto traders on Polymarket, the crypto-based prediction market, think there is an 81% chance of the Fed cutting rates by 25 basis points. In fact, the popular crypto analyst Quinten Francois predicted that the September rate cut will spark the "biggest bull run and altseason" in history.

President Donald Trump's attempt to fire Federal Reserve Governor Lisa Cook is unlikely to affect the U.S. central bank's path toward cutting interest rates next month, but it creates new uncertainties about what happens after that meeting amid the unprecedented attack on the Fed's independence.

President Donald Trump said he will soon have a "majority" of preferred members on the Federal Reserve board who will back his desire to slash interest rates.