Wall St eyes higher open with payrolls revisions, Fed minutes on tap

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The Star 4h ago

Wall St eyes higher open with payrolls revisions, Fed minutes on tap - The Star

Quick Summary:

WALL Street's main indexes were set for a higher open on Wednesday, as investors awaited the release of the updated U.S.payrolls data and the minutes from the Federal Reserve's July policy meeting.

Most economists expect a downward revision, with Goldman Sachs estimating that 600,000 to 1 million fewer jobs were created between April 2023 and March 2024.

Financial markets are currently pricing in a 69.5% likelihood of a 25 basis-points interest rate cut by the Fed in September, with a 30.5% chance of a super-sized 50 bps cut, according to CME's FedWatch tool.