Will the FRB cut interest rates in June?

On June 5th, ADP employment data for May was slower than expected, and the labor market is further cooling. After the data release, investors will reconsider the possibility of a rate cut by the Federal Reserve (FRB).

According to CME's Fed Watch Tool, there is a 56.2% probability of a rate cut in September, and there is a possibility of two rate cuts by the end of the year. On June 7th at 20:30, the US Department of Labor will release the employment situation report for May, which will reveal key data such as the growth of official non-farm payroll and the unemployment rate. What signals will be announced?

On June 5th, Canada became the first G7 country to cut interest rates. On June 6th, the European Central Bank (ECB) carried out a as expected 25bp rate cut, reducing the key three interest rates to 4.25%, 3.75%, and 4.50%, marking the first rate cut since 2019 and making it the second G7 member to cut interest rates after the central bank. Will the Federal Reserve (FRB) take action in response?