Fed Seen Skipping October Rate Hike as Job Market Cools

Expectations for a US interest rate hike in October have fallen sharply, with the Federal Reserve expected to refrain from raising rates amid a cooling labor market, news agency Reuters and financial website Seeking Alpha reported.

According to the reports, weaker-than-expected payroll figures triggered a collapse in market expectations for further monetary tightening at the central bank's upcoming meeting.

The shift follows a noticeable slowdown in hiring across the US economy. Further details and formal comments from Federal Reserve officials have not yet been released.