The headline was the drop in the jobless rate, to 3.6% in April from 3.8%, but that reflected fewer people in the labor force for the second straight month.
A modern-day Rip Van Winkle seeing Friday’s news that the unemployment rate fell to a nearly 50-year low in April might understandably be thinking the Federal Reserve would be mulling further interest rate increases.
But old Rip also might also have seen a few days earlier that President Donald Trump called on the Fed to lower interest rates by as much as a full percentage point because of low inflation, a view backed by the federal-funds futures market, which places better than even-money odds of a cut by year end.
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