Global financial markets are focused on the Federal Reserve's upcoming interest rate decision, with expectations ranging from a 25 to 50 basis point cut. The Fed's anticipated move comes amid signs of cooling inflation and a weakening labor market in the U.S. Former New York Fed President Bill Dudley supports a 50 basis point cut, arguing rates are currently too restrictive. The European Central Bank has already lowered its rate by 25 basis points, and other central banks such as the Bank of Japan and Bank of England will meet this week to set their policies. Additionally, the market's reaction to these decisions could be volatile, as evidenced by recent swings in stock indices and bond yields.