Traders will closely watch the jobs report on Friday as they still see a 33% chance that the Federal Reserve raises interest rates by 75 basis points this month. HeleneBraunn reports
, Jerome Powell more or less confirmed what has been suggested for weeks – that the U.S. Federal Reserve this month was going to ratchet down its pace of rate hikes from 75 basis points per meeting to just 50 basis points.
The small change signals that traders may be waiting for more data from the jobs report on Friday before making going all-in on 50 basis points. “I don’t think a weak report is a non-event,” said Bob Iaccino, Path Trading Partners co-founder and chief market strategist. “The probability hasn’t really moved much, which tells me that 50 basis points is not truly priced in yet,” he added.
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