Fed December Rate Cut Odds at 41.6% After September Jobs Data

The probability of a 25 basis point Federal Reserve rate cut in December stood at 41.6% following the release of September employment data, with a 58.4% chance of rates remaining unchanged, CME FedWatch Tool data show. The U.S. September unemployment rate came in at 4.4%, exceeding the forecast of 4.30% and the prior reading of 4.30%. Nonfarm payrolls for September showed 119,000 seasonally adjusted jobs added, surpassing expectations of 50,000, while the prior month's figure was revised from 22,000 to -4,000. Initial jobless claims for the week ending November 15 totaled 220,000, below the anticipated 230,000.