The Fed is less likely to cut rates in July due to strong June jobs report

The robust June jobs report dramatically lowered the likelihood of a rate cut this month, according to the Fed’s anticipated moves. Markets are now pricing in just a 5% chance the central bank lowers rates at its July meeting. Traders grew more skeptical of a September cut, with markets now pricing in a 68% chance the Fed reduces rates then. President Trump criticized Fed Chair Jerome Powell, calling for his resignation and adding to White House pressure against the central bank leader. The S&P 500 and Nasdaq hit new all-time highs on the news of a healthier-than-expected labor market.

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