In a report on Monday, U.S. Bank economist Stephen Juneau stated, "After the release of stronger-than-expected employment reports, we have revised our outlook for the Federal Reserve: We no longer anticipate any further rate cuts, inflation is above target levels, risks are skewed to the upside, economic activity is strong and the labor market appears to have stabilized." As recently as last September, Fed officials had hinted at a possible one percentage point rate cut this year. They halved this expectation at their interest rate meeting in December last year.