“If every meeting is a ‘live’ meeting, then a stronger ready could boost the chance of a rate hike, push up Treasury yields, increase demand for the dollar and potentially weigh on equities and risk sentiment. However, the reverse is also true. A weak reading for July payrolls may suggest that rates are on hold for the long term, and we could see a sharp reduction in September rate hike expectations, which currently stand at 54%,” she added.