Americans tired of sky-high borrowing costs could be disappointed this week

Another month, another hot jobs report that has Wall Street wondering when the Federal Reserve will finally cut interest rates.

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. Another month, another hot jobs report that has Wall Street wondering when the Federal Reserve will finally cut interest rates. The US economy added 272,000 jobs in May, racing past economists’ predictions for 180,000. The jobless rate rose only slightly to 4%. The hot jobs report is a double-edged sword for Wall Street. On one hand, a resilient labor market lessens the chance that the economy will tip into recession. On the other, it puts long-awaited interest rate cuts from the Federal Reserve on the back burner. Traders are betting that the Fed will ease rates once or twice this year, but not before September, according to the CME FedWatch Tool. The Fed is expected to hold rates steady at its policy meeting this week, as inflation remains above its 2% target and the economy is slow to cool. Investors are awaiting the latest Summary of Economic Projections, which contains the “dot plot,” or a chart where Fed officials project where rates could head in the future. Before the Bell spoke with Nate Thooft, chief investment officer of multi-asset solutions at Manulife Investment Management, about when he expects the Federal Reserve to begin cutting rates and what that means for markets.