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increasing by 175,000 in April, down sharply from March's robust 315,000 new job gains. The unemployment rate held steady at 3.9%, while average hourly earnings rose less than expected.
The April jobs report is unlikely to sway the Fed from its current policy path, as Powell and colleagues have repeatedly stressed the need for consistent evidence of moderating price pressures before contemplating any pivot. According to the CME's FedWatch tool, markets are largely pricing in just one or two rate reductions this year, with the first cut anticipated in September.
While the latest employment figures may have cooled somewhat, the Fed remains steadfast in its commitment to wrestling inflation back to its 2% target, suggesting that any imminent policy pivot remains an unlikely prospect. As the central bank continues navigating this economic tightrope, markets will closely scrutinize incoming data for clues on the timing and trajectory of future rate moves.
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