The June jobs report cratered the odds for a July rate cut. Stocks cheered the strong data but dimmer rate-cut views prevented bigger gains.

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 Federal Reserve is likely to resume lowering interest rates in September, but it won’t be an easy call for the central bankers, economists said Thursday in the wake of the June jobs report.