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.

Financial market bets rose that the Federal Reserve could start interest-rate cuts as soon as this month after Fed Chair Jerome Powell, asked if July was too soon to consider rate cuts, said he "can't say" but that the decision would depend on the economic data.