July Fed cut is off the table and September's is now in question, says CFR’s Rebecca Patterson

Market Performance & Economic Indicators - The market rallied due to a better-than-expected jobs report [2] - The S&P and NASDAQ reached record highs [2] - The report suggests the economy is still performing well [1] Labor Market Analysis - Private sector job growth was 74,000, the slowest this year [3] - Less than half of the industries showed job growth [3] - The cyclical part of the economy's labor market is slowing [3] - Job prospects for college graduates worsened [6] Monetary Policy Implications - A July rate cut is unlikely [4] - September rate cut is questionable [4] Fiscal Policy & Social Safety Net - A fiscal package is expected to pass, potentially removing social safety net benefits from lower-income households [7] - Medicaid working requirements may be implemented after the midterm elections [8] - SNAP food assistance could be reduced this year [9] Economic Outlook - A significantly slower economy is anticipated in the second half of the year [9] - Consumer spending is crucial for company revenues and stock market performance [5]