Right now, markets are essentially betting on whether the Fed will cut rates at their upcoming meeting. That's the driving force behind current trading patterns, according to Steve Sosnick, chief strategist over at Interactive Brokers.

The whole market sentiment seems tied to these rate cut probabilities. Traders aren't just reacting to what's happening today—they're pricing in what they think the central bank will do next. It's become the main narrative.

When you look at how assets are moving, it's clear. Everything from equities to bonds is dancing to the tune of Fed expectations. Sosnick's point really cuts through the noise: forget the headlines for a moment. What matters is that single question—will they cut, or won't they?