BREAKING: Prediction market odds of a 50 basis point rate cut in September surge to 37% after the JOLTs jobs data.
Total job openings in the US fell to 7.673 million in July, well below expectations of 8.184 million.
As a result, odds of a 50 basis point interest rate cut this month jumped from 28% to 37%.
Currently, total job openings in the US are at their lowest level since January 2021.
The labor market is cracking.
It is likely that a 50 basis point interest rate cut is unnecessary at this time.
However, Friday’s jobs data could sway things if the unemployment rate spikes again.
Labor market data this week will be the most important information at the Fed meeting.
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