Following President Trump's address Wednesday night, the market only moved further in its expectations that the Fed would dramatically cut rates, pricing in as much as a 95% likelihood that the central bank would move toward a reduction of 100 basis points to 0%-0.25% at its next meeting.

The big picture: It would be the Fed's largest rate cut since December 2008 when it last cut rates to zero, warning that "labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment, and industrial production have declined."