Traders now expect the Fed to cut rates by 100 basis points by the end of the year. Economist Mohamed El-Erian said they had overstated the possibility of a major rate cut before the end of the year: "In my opinion, the market has now digested so many rate cuts, which is problematic." In recent days, traders in the swaps market have cemented bets that the Fed will cut rates by up to 100 basis points before the end of the year, with a possible 25 basis point cut or even 50 basis points in September. The Fed's July meeting notes that several officials see the possibility of a rate cut next month, while the latest jobs data showed that job growth was far less robust than previously reported, further suggesting that a rate cut is almost a DingTalk on the board. According to El-Erian, the Fed will cut rates by 75 basis points before the end of the year. "There is a view that a soft landing through a hard landing policy needs to be reconciled in some way," he said. "The market will adjust one day."