Phil Orlando is right. With labor data like that, there's no way the Fed will dare to move interest rates this month. The 22% probability pricing is pure noise.

CoinWorld News, investors are increasingly concerned that the Fed's next policy decision could be a 25-basis-point rate hike, possibly as early as this month, but Phil Orlando, chief market strategist at federated hermes, said such a scenario is unlikely. He pointed out that the Fed is expected to ignore what should be a temporary energy supply shock and keep interest rates unchanged. Last week's disappointing US labor market data prompted the market to push back expectations of a final rate hike to later this year. Data from the London Stock Exchange Group showed that money markets are pricing in a 22% probability of a 25-basis-point rate hike in July.