On February 7, Pepperstone strategist Michael Brown said in a note that from the Federal Reserve's policy perspective, it is difficult to imagine that the U.S. jobs report will be a game-changer. Federal Reserve Chairperson Jerome Powell pointed out that policymakers need to see real progress in inflation or some degree of weakness in the labor market before they can cut interest rates again. For the market, the jobs report could be a "good news is good news or vice versa. The market focuses on the underlying economic situation rather than any potential policy impact."