A strong report suggests the economy can absorb higher rates and strengthens the case for a September hike; a soft one eases that pressure.
CNBC reports market-implied odds of a September hike moved up as oil rose, settling near even, a long way from the cuts once expected.
Inflation has run above the Fed's 2% goal for years, and rising oil prices add fresh pressure toward tighter policy.
One month is not a trend. The Fed weighs the trajectory and the details, so treat the report as one input, not a verdict.
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