• All of that happened amid a growing chorus of Fed members professing in recent weeks that a rate hike was appropriate and imminent.
• Even September had only a 46 percent chance by midday Friday, according to the CME. November has just a 49 percent probability, with December now the most likely beat for a rate hike, at 66 percent, down sharply from 82 percent the day before.
• Within two hours of the payroll report’s release, the market was projecting no rate hike until at least December .
• All that hawkish Fed talk in recent weeks, as well as the market’s knee-jerk reaction, seemed kind of silly after Friday’s dismal jobs report.
• Traders who had been pricing in a 58 percent chance of a July rate hike took the likelihood down to 34 percent.

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