Headline numbers from the June jobs report took pressure off the Federal Reserve to consider an interest-rate cut later this month, likely leaving the central bank on hold at least until the fall.

The Federal Reserve would likely have lowered interest rates this year if it weren’t for President Donald Trump’s significant policy changes, Chair Jerome Powell said Tuesday.

The central bank chief said he believes the Fed board would have decided to lower rates further until Trump launched his mercurial on-again, off-again tariffs policy, which could wind up raising