The June jobs report is likely to keep Federal Reserve officials in their wait-and-see stance for the summer as they anxiously observe how significant trade and immigration policy changes influence pricing and job-staffing decisions by American businesses. The central bankers’ patience on rate moves comes as they continue to face pressure from President Trump’s “fiscal dominance” play. In the Richmond Fed district, Tom Barkin, the president of the regional Fed bank, is taking a boots-on-the-ground approach to talk to retailers, bankers and job recruiters as he and other policymakers navigate Trump’s hard-to-predict trade and economic policies.

Most Fed officials haven’t made much of an effort to build the case for rate cuts at their next meeting, July 29-30, even though two officials have said they are open to lowering rates. Fed Chair Jerome Powell has suggested that rate cuts are possible later this year, particularly if inflation readings this summer are milder than anticipated. But he has maintained that a solid labor market has given the Fed more time to see the effects of a range of policy changes implemented this year.

• Steady Hiring Added 147,000 Jobs to U.S. Economy in June

A number of policymakers at the European Central Bank considered leaving the key interest rate unchanged in June, while ultimately deciding to back an eighth cut. According to a record of the meeting that ran from June 3 through 5, “a few members saw a case for keeping interest rates at their current levels.”

Now, with little hope of a rate cut in July after a solid jobs report on Thursday, many of these owners face the predicament of paying those higher costs for longer than they expected.

• First-Time Home Buyers Are MIA. Landlords Are the Winners.

President Trump took to Truth Social to announce that “tariff letters and/or deals” will be delivered starting Monday, and threatened an additional levy on countries aligned with Brics. Brics is a group of countries including Brazil, Russia, India and China.

• Trump Faces Crucial Week for Reaching Trade Deals

• The U.S.-Vietnam trade agreement looks positive for the Southeast Asian country and the broader region. But with details scarce and uncertainty high, analysts say don’t breathe easy just yet.

Many service workers are eagerly awaiting no longer paying taxes on their tips. Yet the fine print in Republicans’ new law could limit savings for some waiters, bartenders and others. Among the particulars restricting the reach of the measure: Only the first $25,000 in tips are free from income taxes. Tipped workers will still face the 7.65% combined payroll taxes that fund Social Security and Medicare. And workers won’t be able to benefit if federal officials say their type of service job doesn’t qualify.

Thousands of jostling traders once packed the floors of Chicago’s futures exchanges, before the advent of high-speed computerized trading turned them into relics of a bygone era. Now, some of them will finally have their day in court. On Monday, a trial is set to begin in a long-running class-action lawsuit filed by traders who say that exchange giant CME Group duped them out of the privileges they held as members of the city’s once-elite community of floor traders.

10 a.m.: Employment Trends Index
7 p.m.: President Trump meets Israeli Prime Minister Benjamin Netanyahu

6 a.m.: NFIB Index of Small Business Optimism
9 a.m.: Johnson Redbook Retail Sales Index
3 p.m.: Consumer Credit
7 p.m.: U.S. 90-day pause on 'reciprocal' tariffs on a country-by-country basis ends

• Industrial production in Germany climbed in May, helped by its export-led car and pharmaceutical sectors, marking a rebound from the decline seen in April, the first month of Trump’s tariff blitz.
• JPMorgan is reorganizing its private bank to better serve the world’s richest people, who want to safeguard their wealth by spreading it around the globe. (WSJ)
• China's foreign exchange reserves rose for a sixth month in June but fell short of market expectations, official data showed on Monday. The hoard of foreign exchanges rose by $32.17 billion in June to $3.317 trillion, according to the People's Bank of China. (Dow Jones Newswires)

WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by news associate Roshan Fernandez in New York. Send your tips, suggestions and feedback to roshan.fernandez@wsj.com.