Barclays and Goldman Sachs said on Friday that they were expecting the U.S. Federal Reserve to deliver the next interest rate cut in July, after a stronger-than-expected jobs report.They had previously forecast a rate cut in June.

The central bank is bracing for President Trump’s tariffs to dent growth while stoking inflation, keeping interest rate cuts at bay for now.

The Fed's dual mandate of low inflation and employment is more at odds than usual, and risks of tariffs fueling inflation as job growth slows have left Fed Chairman Jerome Powell on the sidelines waiting for clarity.