The call comes after another disappointing non-farm payrolls report on Friday here. While that has triggered some outlier calls for a 50 bps rate cut by the Fed for this month, I feel that is a bit too much given how there are still some reservists on the FOMC board. But for now, markets are also slowly pricing in close to three rate cuts by the Fed for the remainder of the year.

For some context, Barclays had previously called for just a September and December rate cut. So, the latest change fits more with market expectations with traders pricing in ~68 bps of rate cuts by year-end now.