Jefferies economist Mohit Kumar said in a report that money markets' recent sharp repricing of the Fed's rate cuts - up to 125 basis points this year, before falling back on Tuesday - was an overreaction and did not reflect fundamentals. Jefferies does not expect the Fed to cut rates by 50 basis points in September, nor by 100 basis points or more this year, "despite aggressive moves, we do not think fundamentals have changed much". Jefferies expects money market pricing to be cut.