TechFlow news, according to Jinshi Data, U.S. interest rate futures traders have significantly reduced their bets on a Fed rate cut in September, now pricing in a 55% probability, down from the previous 70%.
U.S. nonfarm payrolls surged in May, while the unemployment rate unexpectedly rose, painting a complex picture of the labor market.
The U.S. Bureau of Labor Statistics reported Friday that last month's nonfarm payroll increased by 272,000, exceeding all economists' forecasts.
The unemployment rate rose from 3.9% to 4%, the first time reaching this level in over two years. Average hourly earnings grew 0.4% compared to April and were up 4.1% year-on-year.
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