As expected, the Federal Reserve kept the Fed Funds rate unchanged at this week’s FOMC meeting. Fed Chairman Powell stated a rate hike is unlikely, but he also does not see enough clear evidence inflation is moving downward to warrant a cut in the near future. However, this week’s April Non-Farm Payroll report, which came in below expectations with a gain of 175,000 jobs, did reveal signs of a cooling job market as well as a slight slowdown in wage growth.