According to WSJ, the poor employment report forced the Fed to consider a hard landing, and Citi and JPMorgan currently expect the Fed to cut interest rates by 50 basis points in September, 50 basis points in November, and 25 basis points in December. CME shows a 78% probability of a 25bps cut in September and a 22% probability of a 50bps cut. JPMorgan expects the Fed to eventually cut its benchmark rate to around 3%, which means that rate cuts will continue until the third quarter of 2025.