Even after today’s very solid payroll report probabilities for June rate cut creeping higher which now stand ~ 50%…

…Compared to Wednesday Closing levels of ~43%

Why is that you may ask? Just released Fed semi-annual outlook points to Virus threat as a disruption to global economy ,not a surprise. JPM with a note out this morning cutting China’s Q1 GDP to 1% but raising Q2 GDP to 9%. The Question is when do markets start pricing the 9% GDP and stop pricing the 1% GDP?