Friday’s unexpectedly big increase in December nonfarm payrolls led to a diminished market-based likelihood for any rate cut by the Federal Reserve until September, based on one method of calculating expectations — and one big bank sees the risks tilting toward a rate hike.

Before the strong December jobs report was released, the odds were already low for an interest rate cut in the next Federal Reserve decision on January 29.

Traders on Friday bet the Federal Reserve will wait until at least June to reduce its policy rate, and end its rate-cutting cycle there after government data showed employers added far more jobs than expected in December.