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On July 3rd, the US non-farm payrolls for July were only 73,000, far below expectations, and the data for May and June were significantly revised downward.
Furthermore, Federal Reserve Board Governor Kugler will resign next week, allowing Trump to appoint a preferred candidate early.
Perhaps influenced by this news, the probability of a 25 basis point Fed rate cut in September surged to 80.3% on the CME FedWatch indicator.
Before the non-farm payroll data, this figure was only 41.3%.