The April jobs report has made the upcoming Federal Reserve Chair Kevin Warsh's decision to cut interest rates more difficult. Despite rising energy costs and the Iran War, employers added more jobs than expected and the unemployment rate remained steady at 4.3%. This could shift the Fed's rate cut outlook from its current "wait-and-see" approach to a more aggressive approach. The labor market appears to be gaining steam after near-zero job growth in 2025. However, signs of a high-anxiety job market persist. The Federal Open Market Committee voted 8-4 to maintain the benchmark Federal Funds Rate at 3.5% to 3.75%. Bond traders are shifting their outlook on U.S. monetary policy, increasing bets that the Fed may raise interest rates before cutting them due to inflation and geopolitical tensions.