The CME FedWatch Tool shows that markets see a more than 73% chance that the Fed will leave interest rates unchanged next week. At the same time, there is less than a 50% chance of another hike in July.
Momentum in the U.S. labor market continues to slow, with the number of American workers applying for first-time unemployment benefits pushing back to its highest level since Oct. 2021.
Thursday, the U.S. Labor Department said that weekly jobless claims rose by 28,000 to 242,000, up from the previous week's revised estimate of 233,000 claims.
The latest labor market data significantly missed expectations.
