The market expectation for a long time was for a 100bp reduction for this year. This was supported by the three months of good inflation and PCE data. Now, after the huge downward revisions on the employment front, the Fed needs to remember its second important task. The Fed has 2 tasks. One of them is price stability, the other is employment growth. Both tasks are equally important for the Fed. However, after the peak inflation figure of the last 40 years, price stability became a priority.