The latest labor market data reinforces the central bank’s wait-and-see approach to lowering borrowing costs, despite pressure from President Trump.

A still-strong job market will keep the Federal Reserve from cutting interest rates until September, and from delivering more than two quarter-point rate cuts all year, traders bet on Thursday Futures contracts tied to the U.

The U.S. added a decent 147,000 jobs in June that pointed to resilience in the labor market, but the pace of hiring has slowed since last year as businesses grapple with trade wars and an immigration crackdown.