[Citigroup and other major banks' 50 basis point rate cut forecasts are about to face a big test] Golden Finance reported that for Citigroup and JPMorgan Chase, which boldly bet on a 50 basis point rate cut in September, the US non-farm payrolls data released on Friday will be their biggest test. For more than a year, foreign exchange traders have never been as excited as they are now before the release of the US employment report. On the eve of the release of the key non-farm payrolls data, options used to measure the exchange rate trend of the US dollar against major trading partners hit the highest level since March 2023. Risk reversal data showed that the US dollar was pervasive with bearish sentiment. Since the release of the weaker-than-expected July non-farm payrolls data on August 2, Citigroup and JPMorgan Chase have been predicting that the Federal Reserve will cut interest rates by 50 basis points in both September and November, and by 25 basis points in December. Interest rate swap contracts show that the probability of a sharp 50 basis point rate cut by the Federal Reserve at the September 17-18 meeting is about 35%, but traders and economists believe that a 25 basis point rate cut is the most likely.