👉 Fed must keep interest rates unchanged with the labor market still resilient.

A still strong labor market, despite some pressure caused by tariffs and immigration crackdowns, should prevent the Federal Reserve from reducing interest rates until September and from making more than two cuts of 0.25 percentage points throughout the year, according to traders on Thursday.

The monthly U.S. employment report showed that 147,000 jobs were created in June, a figure above expectations, and the unemployment rate unexpectedly fell to 4.1%. A separate report showed that initial unemployment claims fell.