Despite mounting pressure from President Donald Trump, Federal Reserve Chair Jerome Powell has maintained that it’s prudent to wait for more economic data before easing interest rates. Powell admitted this week that if it weren't for Trump's tariffs,

Headline numbers from the June jobs report took pressure off the Federal Reserve to consider an interest-rate cut later this month, likely leaving the central bank on hold at least until the fall.

The latest labor market data reinforces the central bank’s wait-and-see approach to lowering borrowing costs, despite pressure from President Trump.