A still-strong job market will keep the Federal Reserve from cutting interest rates until September, and from delivering more than two quarter-point rate cuts all year, traders bet on Thursday Futures contracts tied to the U.

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

Federal Reserve Board Chair Jerome Powell defended keeping the Federal Funds Rate steady in June per the Fed’s dual mandate: prudent monetary policy regulating the money supply that keeps inflation and unemployment relatively low and GDP happily growing along.