According to TechFlow, Jinshi data showed that U.S. interest rate futures traders have significantly reduced their bets on the Federal Reserve's rate cut in September and now believe that the probability of a rate cut is 55%, while previous data showed 70%.
U.S. nonfarm payrolls surged in May while the unemployment rate unexpectedly rose, painting a mixed picture of the labor market. The Bureau of Labor Statistics reported Friday that nonfarm payrolls increased by 272,000 last month, exceeding all economists’ forecasts.
The unemployment rate rose to 4% from 3.9%, the first time it has reached that level in more than two years. Average hourly earnings rose 0.4% from April and are up 4.1% from a year ago.