Traders previously so sure of a July Fed rate cut will be sitting somewhat more uncomfortably in the wake of Friday’s surprisingly strong jobs report. A debate over the size of the cut, 50 basis points or 25 basis points has surely been shelved. There has to be a possibility that the Fed may not even cut at all now. With US data points still reflecting US relative outperformance, the argument has been of the need for an insurance cut. The significance of cutting rates should not be underestimated and would surely be a decision not taken lightly. So traders will look towards Fed chair Powell’s ... (full story)