Odaily News Money markets increased bets that the Federal Reserve would ease monetary policy far more than policymakers expected. Soon after, markets also increased bets that the European Central Bank would follow the Fed in cutting interest rates. Traders currently believe that there is a 60% chance that the ECB will cut interest rates by 50 basis points in September, having fully digested the expectation that the Federal Reserve will cut interest rates by 50 basis points in September. Meanwhile, the probability of a 25 basis point rate cut by the Bank of England is rising. These bets are likely to continue, increasing safe-haven buying of bonds at a time when the market is generally fleeing risky assets. (Jinshi)