Last month, the Fed left rates unchanged at 4.25%-4.50% for the fourth straight meeting and forecast two 25-basis-point rate cuts for the year.

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,

The Federal Reserve has room to cut interest rates as elevated uncertainty and the impact of tariffs ripple across the economy, said Anne Walsh, chief investment officer of Guggenheim Partners Investment Management.