According to Odaily Planet Daily, Citi analysts said in a report that although recent labor market data may have caused some market participants to reconsider their expectations for the Fed's interest rate cuts, it is unlikely that the Fed will skip a rate cut during its November meeting.

Although nonfarm payrolls rose sharply by 254,000 last Friday, higher than economists expected by 140,000, the analysts noted that "we suspect that the strong employment report released last Friday may not be sustained."

“A string of weak labor market data has led markets to expect the Fed to cut rates by at least 25 basis points at each meeting, with a larger 50 basis point cut likely,” Citigroup said.