Nick Timiraos, the Fed mouthpiece, said the non-farm payrolls report was likely to provide a clear signal about the extent of the Fed's first rate cut, with the market pricing in an immediate rise to 90 per cent whether it was 25 basis points or 50 basis points. But the non-farm payrolls report did not address this issue well, and the market is currently pricing in a "50-50 basis point cut". The overall non-farm payroll data is not bad enough to turn the benchmark forecast into a 50 basis point cut, but given the revised data, it is not convincing enough to completely dispel speculation of a larger rate cut.