Wow the odds of a 25 bps cut in the December FOMC



meeting jumped from 32% to 63% in the last 24 hours.

What caused this:
1. A surprise dovish signal from NY Fed President John Williams
2. Softer labour-market data: unemployment ticked up to 4.4% while payrolls came in at +119k

Prediction markets react faster than all other asset classes.
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