Federal Reserve Chair Jerome Powell made it clear on Wednesday that the resilient U.S. labor market is currently the primary determinant of monetary policy, a signal that strong July employment figures could snuff out all bets for a September rate cut and reduce the likelihood of any further easing this year.

Fed Chair Jerome Powell is set to speak with reporters after the Federal Reserve's decision to hold rates steady despite consistent pressure from President Trump and dissents from within the Fed. Central bank policymakers voted to maintain the Fed’s benchmark interest rate in the range of 4.