What are the Fed odds looking like ahead of the US jobs report?

Ahead of the US jobs report, traders anticipate 40 basis points (bps) in rate cuts for the year, an increase from earlier predictions of 31 bps. The first expected cut could occur in November, with September's odds at about 78%. Key upcoming data includes the US jobs report and ISM services PMI, which will significantly influence Federal Reserve decisions. With current data still early, the focus will also be on upcoming inflation figures and labor market conditions.