The markets are being challenged by macroeconomic data. Last week, US jobs data fell well short of expectations. Wage growth declined as well. No doubt about it, growth is slowing down. And the Fed knows it. The Atlanta and the NY Fed departments have second-quarter GDP growth now penciled in at anywhere between 1 and 1.4%. A perfect setting for a rate cut, so it seems. The timing is now 31 July. At least, that is what future markets are showing.