Weaker labor-market data this week could bolster the case for the Federal Reserve to resume interest-rate cuts soon. “My view is that I do think the Fed should cut in July,” said Matt Brill, head of North America investment-grade credit at Invesco Fixed Income, pointing to cracks in the jobs market.

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 Chair Jerome Powell said on Tuesday he would not rule out a potential interest rate cut as soon as this month. The remarks come amid a public pressure campaign from President Donald Trump, who has repeatedly urged Powell to slash interest rates.