Friday's strong jobs report (see graph below) only anticipated what was starting to seem inevitable. Despite aggressive expectations regarding imminent interest rate cuts - last week's market consensus was a 77-bp reduction in the Fed funds rate by the end of the year - it looks like the Federal Reserve will have a hard time finding reasons to implement monetary easing in July.
Credit: Yahoo Finance
This is not to say that recent macroeconomic data has been strong. Declining home sales have been pinpointed by the St. Louis Fed as a possible indication of a