The Fed's mouthpiece: The non-farm report is unclear, and it is still unknown whether the Fed will cut interest rates by 25 or 50 basis points in September

Nick Timiraos, the "Fed mouthpiece", said that the non-farm payrolls report is likely to provide a clear signal about the extent of the Fed's first rate cut, whether it is 25 basis points or 50 basis points, the market pricing will immediately rise to 90%. However, this non-farm payrolls report did not solve this problem very well, and the market is currently pricing "half and half" for a 25 or 50 basis point rate cut. The overall non-farm data is not bad enough to change the baseline expectation to a 50 basis point rate cut, but considering the revised data, it is not convincing enough to completely dispel speculation about a larger rate cut. (Jinshi)