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.

The Federal Reserve has not approved an interest rate cut since before the Nov. 5 election, but one of its governors said she wants three rate cuts this year.

A top official at the Federal Reserve is saying that this month’s stunning, weaker-than-expected report on the U.S. job market is strengthening her belief that interest rates should be lower