An increase in the number of U.S. jobs that was higher than expected makes it unlikely that the Federal Reserve will cut interest rates soon.

The Fed’s caution is likely to put it on a collision course with Mr. Trump, who has repeatedly urged the central bank to cut interest rates. He did so again on social media on Friday, calling Jerome H. Powell, the Fed chair, “a disaster” and suggesting policymakers should cut rates by a full percentage point.

Yes, the Federal Reserve could cut interest rates later this year. Or, maybe it won't. In any case, a Fed reduction offers no guarantee that mortgage rates will go down.