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Fed rate cutReuters
•76% Informative
The August payrolls report was modestly weaker than forecast, even if a significant improvement on July .
By the close, the S&P500 was down 1.7% - clocking a 4.5% loss for the week that now stands as its worst since March 2023 .
But despite markets scaling back the expected size of this month 's Fed rate cut, there's been no change to 112 bps of Fed rate cuts priced in by year-end , nor the 235bps seen over the next 12 months .
The euro was on the backfoot ahead of the ECB decision, with likely cuts to the central bank's GDP and inflation forecasts on Thursday keeping some hopes alive of a third .
Key developments that should provide more direction to U.S. markets later on Friday :
New York Fed's inflation expectations survey, US August employment trends, July consumer credit; Mexico August inflation
Apple unveils new iPhone series
US corporate earnings: Oracle
US Treasury sells 3-, 6-month bills (By Mike Dolan , editing by Emelia Sithole-Matarise ; [email protected]).
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