The surprisingly strong number undermined the markets' expectations that the Federal Reserve would need to cut short-term interest rates to stimulate the economy.

In these circumstances, when the economic situation could be evolving rapidly, the Federal Reserve will need to monitor developments closely.

Investors interpreted the weak jobs report as a sign that the Federal Reserve will not need to accelerate its interest rate increases.

Such strength undermines the case that the Federal Reserve needs to cut short-term interest rates to stimulate economic growth.

The report showed moderate growth and tame inflation, suggesting that the Federal Reserve may not need to raise short-term interest rates later this year.

Q. Do you think the Federal Reserve will need to raise interest rates soon to fight inflation?

The official statement that went with the cut contained the code words "the Federal Reserve will need to monitor developments closely."

The bond and stock markets read it to mean that the Federal Reserve would not need to lower interest rates again soon, as had been expected.

The report helped ease fears that the Federal Reserve would need to raise short-term interest rates soon to prevent inflation from accelerating.

The economy is booming, and the Federal Reserve may need to raise interest rates again to keep inflation from rising.