US Non-farm Payrolls (NFP) exceeded expectations, which may ease the pressure on The Federal Reserve (FED) to cut interest rates.

On July 3, the U.S. non-farm payrolls for June unexpectedly rose by 147,000, which not only surpassed May's addition of 144,000 jobs but also significantly exceeded the economists' widespread forecast of 110,000, showing that the U.S. labor market successfully resisted the uncertainties brought by the Trump administration's trade and immigration policies. This unexpectedly strong data will alleviate the pressure on The Federal Reserve (FED) to cut interest rates, although Trump has repeatedly publicly called for the bank to take action to lower rates. FED Chairman Powell stated this week that a rate cut in July "is still on the table," which seems to reverse his earlier stance of "keeping interest rates unchanged until the fall." (Jin10)