Despite Trump continuing to pressure the Federal Reserve to cut interest rates by &#34;one percentage point&#34; on Friday, the non-farm data clearly gives the Fed stronger confidence to &#34;wait and see.&#34;
Renowned central bank reporter Nick Timiraos, known as the &#34;new Federal Reserve correspondent,&#34; stated on X:
JP Morgan's Mike Feroli: The May employment report is almost tailor-made for the Fed, reinforcing their inclination to wait for employment and inflation developments to determine the next policy direction.
It makes the June FOMC meeting &#34;irrelevant.&#34;
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Friday's non-farm data boosted the Federal Reserve's confidence, despite Trump's pressure to cut interest rates. JP Morgan's Mike Feroli stated that the May employment report was almost tailor-made for the Federal Reserve, supporting its wait-and-see attitude on employment and inflation developments, making the June FOMC meeting "irrelevant."