BNP Paribas Chief Economist Isabelle Mateos y Lago said the U.S. Federal Reserve’s upcoming meeting could become more uncertain if July nonfarm payrolls come in near or above 130,000.

According to ChainCatcher, short-term interest rate futures markets are pricing about a 20% chance of a Fed rate hike at the July 29 rate decision, down from 33% before the nonfarm payrolls report was released.

Lago also said the European Central Bank is expected to raise rates again in September, while noting it has not ruled out the possibility of no additional hikes.