Fed Rate-Hike Odds for September Fall to 43.9% After Weak Jobs Data

3-line summary

• Futures markets now price in a 43.9% chance of a Fed rate hike in September, down from 57% before the jobs report, according to LSEG data cited in a Reuters report.
• The FOMC held its federal funds rate steady at 3.5%-3.75% last week, with three officials dissenting in favor of a hike, according to the report.
• The unemployment rate ticked down to 4.1% from 4.2% in June, though the report noted the shift was driven by workers leaving the labor force rather than job gains.

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