Federal Reserve Chair Jerome Powell on July 1 told a global audience of world bankers, economists, and academics what could prompt a long-awaited U.S. interest rate cut later this month. 💵💰 Don't miss the move: Subscribe to TheStreet's free daily newsletter 💰💵+

Weaker labor-market data this week could bolster the case for the Federal Reserve to resume interest-rate cuts soon. “My view is that I do think the Fed should cut in July,” said Matt Brill, head of North America investment-grade credit at Invesco Fixed Income, pointing to cracks in the jobs market.

At least three Federal Reserve policymakers spoke out this week in favor of holding interest rates steady for the time being, in contrast to two who said they were open to the idea of cutting the fed funds rate in July,