The odds of a rate cut at the Federal Reserve's next meeting evaporated after a resilient jobs report for June alleviated concerns about a slowing US economy.

A still-strong job market will keep the Federal Reserve from cutting interest rates until September, and from delivering more than two quarter-point rate cuts all year, traders bet on Thursday

Weaker labor-market data this week could bolster the case for the Federal Reserve to resume interest-rate cuts soon. “My view is that I do think the Fed should cut in July,” said Matt Brill, head of North America investment-grade credit at Invesco Fixed Income, pointing to cracks in the jobs market.