Traders in the US interest rate options market continue to bet that the Federal Reserve will implement at least one significant rate cut this year, even though they believe this action is unlikely to occur before the upcoming November presidential election. As the Federal Open Market Committee's meeting is set to take place next week, the market broadly expects the Fed to cut rates by 25 basis points. However, traders have shifted their focus towards the policy decision on January 29th for more substantial rate cuts. Latest data shows that option activities related to the Secured Overnight Financing Rate indicate that traders are heavily positioning for a scenario where rates would be cut by about 150 basis points before this date. This aligns with the expectations reflected in the swap market. To achieve this goal, policymakers would need to implement at least a half-percentage point reduction in two of the next four meetings while avoiding additional rate cuts during these sessions.