Before the strong December jobs report was released, the odds were already low for an interest rate cut in the next Federal Reserve decision on January 29.

The economy ended 2024 with a solid labor market and a better-than-expected reading for headline unemployment.

Top Wall-Street brokerages revised their Fed rate cut forecasts, after a blow-out U.S. jobs report on Friday, with BofA Global Research forecasting a potential rate hike from the central bank.

The Federal Reserve has been "less focused on the job market recently," and today’s better-than-expected employment report "gives them more reason to put their attention elsewhere," said Ali Jaffery,

Key Takeaways The odds of the Federal Reserve cutting its benchmark interest rate this year fell after a jobs report Friday showed hiring in December blew past expectations.Strong job growth means less pressure on the Fed to cut interest rates to save the economy and prevent layoffs.

Soaring payroll growth and low unemployment in December are more than likely to keep the Federal Reserve from cutti

The jobs report showed a surprise pickup in payroll gains while the unemployment rate fell. S&P 500 futures fell.

A hot jobs report makes it even more likely the Federal Reserve won’t cut rates at its next meeting in January — or for the foreseeable future.