Maybe May

Net March job growth was 236,000, the smallest increase since 12/19, except for -268,000 in 12/20. This, along with rising first-time unemployment claims, reduced job openings, and the decline in the work week, point to a softening but still strong labor market. Job creation remains double trend growth. Fortunately, the labor force participation rate rose, and wage growth continues declining. I suspect Powell raises rates one last time in May.