After Friday's solid jobs report, investors do not expect the Federal Reserve to cut interest rates until September. Piper Sandler analyst Nancy Lazar writes that although the U.S. economy may weaken, the economy will maintain its growth momentum even if the Fed does not cut interest rates. First, given the typical lag effect, the Fed's rate cuts last year may not have fully played their part. On the other hand, downsizing the federal government will free up labor for the private sector. Our base case forecast is that the U.S. economy doesn't need more rate cuts. The current weakness is a rollercoaster of tariff policy.