U.S. employment data strengthened the view that labor-market momentum is cooling. CME’s FedWatch tool shows traders now assign an 83% probability that the Federal Reserve will leave interest rates unchanged at its October meeting, up from 72% before the employment report. The probability of a rate increase fell to 17% from 28%. Federal funds futures also indicate that markets expect roughly 22.2 basis points of cumulative rate increases by the end of 2026, down from 25.5 basis points before the data.