In a statement on Thursday, the International Longshoremen’s Association said it had reached a tentative agreement on wages that would see its 35,000 members resume work at ports across the U.S. East and Gulf coasts, before returning to the negotiating table on Jan. 15 2025.

Odds of a 50 basis point cut dropped to 0% from 53% last week after the strong September jobs report, according to the CME FedWatch Tool.