The latest voice of the Federal Reserve officials released a heavy signal, St. Louis Fed President Musalem said in an interview, "the U.S. economy may be more weak than I currently expect, and the labor market may be more weak than expected." If that is the case, then a faster pace of rate cuts may be appropriate."

        With inflation now cooling close to the Fed's 2 per cent target, traders are betting there is a 54 per cent chance the central bank will cut interest rates by a second big 50 basis points in November.

        It is worth noting that while the Federal Reserve is expected to "cut interest rates by another 50 basis points", the European Central Bank may also open an aggressive rate cut. Deutsche Bank economist Phil Odonagho said in a newly released report that the European Central Bank is likely to accelerate its rate cuts, possibly by 50 basis points in December.