Overview

• U.S. employers added 147,000 jobs in June and the unemployment rate fell to 4.1%, surpassing economists’ estimates, according to the Bureau of Labor Statistics.
• Private‐sector payrolls rose at their slowest pace since last October, revealing underlying labor‐market deterioration beneath the headline numbers.
• Treasury yields climbed and the dollar strengthened after traders pared the odds of a July rate cut to about 5% and repriced the first easing for September.
• Fed officials including Atlanta’s Raphael Bostic argued that widespread uncertainty and a still‐solid economy warrant holding rates steady at the upcoming meeting.
• Global indicators—from Asia’s manufacturing contraction to Europe’s inflation settling at target—underscore the data‐dependent approach shaping the Fed’s fall policy outlook.