Friday's jobs report provided evidence that the central bank's larger concern is a cost of living that is getting increasingly hard to bear.
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Consumer sentiment falls to fresh record low in May as surging gas prices hit outlook
Nonfarm payrolls were expected to increase by 55,000 in April, according to the Dow Jones consensus.
The total picture is one of a labor market that, while undoubtedly cooling, is generally stable and resilient despite a number of challenges.
"Do I think he'll cut rates? No chance," Jones said during a wide-ranging CNBC "Squawk Box" interview.