Traders currently believe that there is a 100% probability of the Fed cutting interest rates this month, with a 12% chance that the rate cut will be 50 basis points. Before the release of the weak jobs report, the market expected a rate cut, but not of this magnitude.

Brian Jacobsen of Annex Wealth stated that the revised data indicated "hardly any new jobs created," once again sparking discussions in the market about a larger rate cut. After the data was released, the yields on U.S. short-term government bonds saw a sharp decline.