The latest data today shows that the US labor market is gradually cooling down, which will support the expectation of cutting interest rates later this year. The data is consistent with other employment reports this week, indicating a significant reduction in job vacancies this year and a continuous increase in the number of people applying for unemployment benefits. The continuous slowdown in employment and recent inflation slowdown have supported the bet that Fed policymakers will cut interest rates as early as September. This employment report is the last report before Fed officials meet later this month. The market currently expects the Fed to cut interest rates twice this year.