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The CME Group FedWatch probability for a September rate hike dropped after the August jobs report missed expectations.
Nonfarm payrolls came in at 151,000 for last month, below economist predictions for 180,000.
Traders tracked by the CME now see about a 21 percent chance of a September rate hike. They gave it a 27 percent chance before the report, but the expectations dropped as low as 12 percent after.
Before the jobs report, the market estimated a 57.6 percent chance of a December rate hike, but those predictions, which dropped as low as 51.2 percent, now sit near 56.1 percent.
Thirty-day fed funds futures prices are widely considered a reliable indicator of U.S. monetary policy changes. CME's FedWatch tool tracks the target rates based on fed funds futures contract prices.
A reading above 50 percent indicates the market's guess for the next rate hike.
After the jobs report, odds dropped in all months tracked by the CME, but have since bounced back: