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1. Interest rate forecast from CME FedWatch Tool:
July 2025:
Maintain interest rates: 76.7%
Cut by 25 basis points (0.25%): 23.3%
September 2025:
Maintain interest rates: 4.9%
Cut by 25 basis points: 73.3%
Total cut of 50 basis points (0.5%): 21.8%
👉 Assessment: The market expects the Fed to start cutting interest rates from September, with a probability of over 90% (including the possibility of a 25 or 50 basis point cut).
2. Recent economic context:
ADP data ("Nonfarm Payroll") released on Wednesday (3/7) unexpectedly showed a negative value, indicating signs of weakening in the labor market.
Official Nonfarm (147,000 jobs, better than expected) but still below previous average growth.
The unemployment rate is 4.1% (higher than the 3.9% at the beginning of the year), indicating clear downward pressure on inflation.
3. Market impact:
US stocks could benefit if the Fed cuts interest rates, due to lower capital costs.
Gold and Bitcoin may rise if the USD weakens.
US government bonds will rise (yields decrease).