Agency: If the non-agricultural data is weak tonight, the Federal Reserve is likely to cut interest rates by 50 basis points in September

Eric Diton, president and managing director of Wealth Alliance, said, "I thought the Fed should have cut rates by 25 basis points this week, but obviously it missed it. Then we saw that initial jobless claims rose and the ISM manufacturing PMI index underperformed for the fourth consecutive month. Powell said he was data-dependent, and how the non-farm payrolls data on Friday performed will be key. If we see a very weak data, he will most likely cut rates by 50 basis points in September. Another problem is the federal debt, we have $35 trillion in debt. The interest we pay on this debt is now about 17% of our federal spending. So, the interest is now sucking away the money we can use to make decisions." (Jin Shi)