Fed's odds of keeping rates unchanged through August increase after nonfarm payrolls release

The probability of the Fed keeping rates unchanged in June is 97.6%, with a 2.4% probability of a 25 basis point rate cut. The probability of the Fed keeping rates unchanged through August is 91.1% (78.5% before the nonfarm payrolls announcement), the probability of a cumulative 25 basis point cut is 8.8% (22.0% before the nonfarm payrolls announcement), and the probability of a cumulative 50 basis point cut is 0.1 (0.5% before the nonfarm payrolls announcement).