Economists at Wells Fargo wrote in a recent note: "The August jobs report did little to resolve the debate over whether to cut rates by 25 basis points or 50 basis points this month. We stand by the expectation of a 50 basis point cut, but acknowledge that a 25 basis point cut is a real possibility." Fed funds futures swung in both directions on Friday as markets puzzled over how to interpret comments made by Federal Reserve Governor Paul Waller after the release of the data. Traders briefly put a 79% chance of a 50 basis point cut in September, but then switched to a 71% chance of a conventional 25 basis point cut.