The preliminary benchmark payroll revisions to US payrolls in the year through March 2025 showed -911,000 fewer jobs than previously stated, a wider loss than expectations of -700,000 and a sign of a weaker US labor market. 00:04 02:28 The markets are now pricing in a 9% chance of a 50 bp rate cut at the upcoming FOMC meeting on Sep 16-17, versus the previous expectations of a zero chance of that 50 bp rate cut. After the fully expected -25 bp rate cut at the Sep 16-17 FOMC meeting, the markets are now discounting a 75% chance of a second -25 bp rate cut at the Oct 28-29 meeting, up from a 54% chance as of late ... (full story)