Monetary policy

The markets are waiting for the Federal Open Market Committee to make its next move.

"We have to navigate policy not only depending on how the environment evolves, but also with keeping those two objectives in mind," Daly said.

"I would be quite surprised if he did not make a choice that fair-minded observers on both sides recognized as a reasonable person," Summers said on Bloomberg Television.

"We could do this as early as July," Waller said Friday in a televised interview.

The FOMC's decision to "hold rates steady while signaling only two cuts this year was a subtle but powerful shift," said James Pruskowski, CIO at 16Rock Asset Management.

The panel is not expected to change rates, but the dot plot will be watched to see if the Fed's prior projection of two rate cuts this year holds.

The U.S. economy added 139,000 jobs, a healthy clip that counters the president's calls for a rate cut to bolster the labor market.

The Federal Open Market Committee will meet on June 17-18. While no rate cuts are expected at this point, things can change quickly. Lauren Saidel-Baker, economist at ITR Economics, provides her take on the meeting the new Summary of Economic Projections and Fed Chair Jerome Powell's press conference.

The Federal Reserve chair said there is "room for improvement" in how the central bank conveys economic uncertainties to markets and the public.

"The threat of having both inflation and unemployment rising simultaneously continues to create a big headache for the Fed's interest policy," said Wells Fargo Investment Institute global fixed income strategist Luis Alvarado.