Jobs report

The market is still convinced the Fed will cut rates

June's strong U.S. jobs report certainly got investors to rethink their expectations for the Fed's upcoming July 30–31 policy meeting, but Fed funds futures prices show they still see a 0% chance Jay Powell and company don't cut U.S. interest rates.

Data: CME FedWatch Tool; Graphic: Naema Ahmed/Axios

Breaking down the June jobs report

The U.S. added 224,000 jobs last month. More importantly, nominal average hourly earnings rose by 3.1% year over year, the White House noted in a recent post.

Reproduced from 2 CNBC charts, using Federal Reserve data; Chart: Axios Visuals