What changed after the US NFP report? ...Middle East

Last Friday, the US NFP missed consensus coming in at 175K vs. 243 expected with the unemployment rate ticking higher to 3.9% vs. 3.8% expected. Moreover, the average hourly earnings surprised to the downside with the Y/Y growth rate coming in at 3.9% vs. 4.0% expected and the M/M figure at 0.2% vs. 0.3% expected. Overall, it was a soft report but not bad. As a consequence, the market increased the rate cuts pricing with futures implying basically two rate cuts now by the end of the year with the first one coming in September. We might have reached peak hawkishness in the short term with even Fed's Bowman tuning down a bit her tone following the labour market report. The ISM Services PMI dat

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What changed after the US NFP report? ...Middle East

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