 Fed Chairman Jerome Powell was speaking on a panel in Portugal earlier this week and said he and his colleagues are keeping a close eye on the job market for any signs it might be in trouble. We said that if we saw the labor market unexpectedly weakening, that is also something that could call for a reaction. And by reaction there, Powell means a cut in interest rates. Now, the Fed doesn't want to cut interest rates too quickly and risk rekindling inflation, but it also doesn't want to wait too long and risk a bigger jump in unemployment.