The pricing there is reflected in the fall in bond yields this week, with 10-year Treasury yields now hitting its lowest since June last year. The odds of a 50 bps rate cut next week now stands at ~35%, up from around ~25% early Monday. It’s still down from the near coin flip odds prior to the US jobs report last week though.
But if anything else, it speaks to a continued push and pull in market pricing and sentiment. My take coming into this week was that market players would’ve looked to settle closer towards a 25 bps move. That doesn’t seem to be the case now at all. And with the bond market acting up as it is, this week just got a whole lot more interesting.