text:  The biggest underpriced risk in the market is still a hike from the Federal Reserve. The federal fund's future market implies a near certainty that the Fed will cut interest rates by the end of the year. Pricing in a 94% chance of at least one cut and a 65% chance of two cuts by the December meeting, there's still a 66% chance implied of a September rate cut despite the political explosion a cut on the eve of the election would ignite.