Traders slash September Fed hike bets as July payrolls turn negative

July's employment report was worse than a simple miss. The U.S. economy actually lost jobs, and by Friday morning traders were throwing out everything they thought they knew about the Federal Reserve's next move. Hours after the numbers landed, the probability on prediction market platform Kalshi that the central bank leaves rates untouched in September climbed to 65%. Ahead of the report, a hike and a hold were running roughly even. In the immediate aftermath of the Fed's late-July meeting, the

July's employment report was worse than a simple miss. The U.S. economy actually lost jobs, and by Friday morning traders were throwing out everything they thought they knew about the Federal Reserve's next move. Hours after the numbers landed, the probability on prediction market platform Kalshi that the central bank leaves rates untouched in September climbed to 65%. Ahead of the report, a hike and a hold were running roughly even. In the immediate aftermath of the Fed's late-July meeting, the