The CME Group’s FedWatch tool shows a 66% chance that the Fed lowers its benchmark rate by 0.25 percentage point in September.
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Wall Street may get a jumbo-sized Federal Reserve rate cut after another horrid U.S. jobs report.
Rieder's comment came after data showed U.S. labor market suffered a sizable slowdown in the past few months.
The probability for a September move fell to about 40% Thursday.
The S&P 500 and Nasdaq both briefly hit record intraday highs Friday before tumbling on a weaker August jobs report.
Traders are pricing in a 96% chance of a quarter percentage-point rate cut, per the CME Group’s FedWatch tool.
Will the jobs data do anything to derail expectations for a Fed cut in September?
