Recent April nonfarm payrolls added a modest 115,000 jobs—below consensus forecasts—while the unemployment rate held steady at 4.3%, signaling a cooling yet resilient labor market that tempers rate cut expectations for the September 15-16 FOMC meeting. March consumer price index (CPI) inflation remained sticky at 3.3% year-over-year, supporting the Federal Reserve's decision to maintain the federal funds target range at 3.5%-3.75% in late April, with the effective rate at 3.64%. CME FedWatch Tool implies trader consensus prices over 90% odds of no change in September, reflecting balanced inflation and employment risks. Key catalysts ahead: April CPI release on May 12, June 16-17 and July 28-29 FOMC meetings, and monthly labor data.