Initial jobless claims data cools down, and interest rate cut expectations are completely gone.

CoinWorld News reports that the number of Americans applying for unemployment benefits last week decreased, indicating that the labor market has some resilience and providing the Federal Reserve with room to focus on tackling rising inflation. Data shows that for the week ending May 16, the number of initial unemployment claims decreased by 3,000 to a seasonally adjusted 209k. Although economists expect unemployment benefit applications to increase during the summer, the labor market remains stalled at present. Financial markets currently expect the Federal Reserve to keep the benchmark overnight interest rate between 3.50% and 3.75% until next year.