WSJ Fedwatcher Nick Timiraos is out with a quick take on the jobs report. He doesn’t get too much into the details but says:

A sharp slowdown in job growth this summer likely seals the case for the Federal Reserve to cut interest rates by a quarter percentage point at its meeting in two weeks.

Notable is what he doesn’t say, which is that a 50 basis point cut is on the table. The market has bumped up 50 bps pricing to 14% now.

Timiraos also write that the jobs report “further muddies the debate over the pace of cuts after [September].