The U.S. ISM August manufacturing PMI report released today shows that the U.S. economy continues to contract. According to the Federal Reserve's customary data from the Chicago Mercantile Exchange (CME), traders raised the odds of the Federal Reserve cutting interest rates by 50 basis points in September to 39% from 30% a day earlier. However, the bet remains hot at 25 basis points, at 61%. The main event in U.S. macro news remains Friday's August jobs report, which may also be the final determinant of the Federal Reserve's rate hike of 25 or 50. Economists predict that jobs will rebound from 114,000 in July to 160,000. The unemployment rate is expected to decrease from 4.3% to 4.2%.