Strong job growth means the Fed likely won't cut interest rates this year and may even raise them — bad news for borrowers, businesses, and the government's budget.

• The May jobs report came in far stronger than expected, so the Fed has little reason to cut rates to help workers.
• Unemployment has held steady in the low 4% range, a level seen as healthy.
• Markets now see almost no chance of a cut this year and a strong chance of a rate hike instead.
• Inflation is climbing fast and running ahead of wage growth, so everyday Americans are falling behind.
• Trump is unlikely to welcome no cuts — or worse, hikes — as higher rates squeeze consumers, businesses, and the government.

Outlook: A rate hold is expected at next week's meeting, with this week's inflation report deciding whether hikes come later this year.