Recent data released from the U.S. labor market has triggered significant fluctuations in the financial markets. Before the non-farm payroll report was released on Friday, the market generally believed that the likelihood of the Federal Reserve keeping the Intrerest Rate unchanged in September was high, around 63%, while the probability of a 25 basis point rate cut was only 35%.

However, after the non-farm data was released, especially considering the downward revisions of the data for May and June, there was a significant shift in market expectations. Now, the probability of the Federal Reserve not lowering interest rates in September has dropped significantly to 21%, while the likelihood of a 25 basis point rate cut has surged to 71%.

This sudden shift in expectations reflects a dramatic change in the market's view of the state of the U.S. economy. Currently, the vast majority of analysts believe that it has become a high probability event for the Federal Reserve to take action on interest rates during the September meeting.

The anticipated volatility not only reflects the uncertainty in the job market but also highlights the significant impact of economic data on monetary policy formulation. Investors and economists will closely monitor the upcoming economic indicators to further assess the actions that the Federal Reserve may take.