 Bloomberg Chief U.S. Economist Anna Wong expects the Fed to cut rates at its September meeting, swaps pricing in two Fed cuts this year, with a strong chance of the first coming in September. Well, some other news this morning. Archegos founder Bill Hwang has been convicted of fraud and market manipulation after a two-month trial. The company's former CFO, Patrick Halligan, was also found guilty by the Manhattan court jury. Bloomberg's Bonnie Quinn says the case is a victory for U.S. authorities.