Michelle Bowman, the Federal Reserve’s incoming top banking cop is seeking to review the confidential ratings for the health of large banks, after criticizing the fact that two-thirds of the biggest institutions were deemed unsatisfactory last year. Meanwhile, the U.S. labor market steadily added jobs last month despite jolting tariff announcements that many economists expect will give way to a trade policy-induced slowdown later this year.

The Fed hasn’t yet released new supervisory ratings for U.S. bank holding companies with $100 billion or more in assets, according to people familiar with the matter, even though it typically shares the ratings privately by the end of March. The Fed is planning to wait until Michelle Bowman is confirmed by the Senate as vice chair for supervision, some of the people said. The Fed’s pause on releasing the ratings is unusual, and they have already gone through several layers of review at the central bank. Bowman is expected to bring a lighter hand to bank regulation if approved for the job.

The Labor Department reported that the U.S. added 177,000 jobs in April, above the gain of 133,000 jobs that economists polled by WSJ had expected to see. The unemployment rate held steady at 4.2%. The report revealed solid data “that no one wants to trust,” said Thomas Simons, chief U.S. economist at investment bank Jefferies. That is because the figures likely reflected staffing decisions made in February and March, before President Trump’s “Liberation Day” tariff announcements early in the month that induced significant market volatility.

• Steady Hiring in April Will Reinforce Fed's ‘Patient’ Stance
• Video: The Impact of Trump’s Tariffs on April Jobs Report
• Federal Payrolls Shrink for a Third Straight Month
• Corporate America Is Leaving More Jobs Unfilled

• What Recession? Stock Investors Expect the Good Times to Continue

A decision by the Federal Reserve will be the highlight of the week, with rates expected to be left on hold and markets expected to focus on the likelihood of rate cuts in coming months as trade tariffs take their toll on the economy. In Europe, the Bank of England is expected to cut interest rates. Rate decisions are also due in Sweden and Norway.

• Trump Downplays Economic Concerns as He Looks to Cut Trade Deals

A donation to the Met Museum provided a $74 million tax write-off—until the taxmen stepped in. The case is yet another reminder of how details can make or break tax deductions for charitable donations.

9:45 a.m.: U.S. Services PMI
10 a.m.: ISM Report On Business Services PMI
10 a.m.: U.S. Employment Trends Index

Time N/A: U.S. Federal Open Market Committee meeting begins
8:30 a.m.: U.S. International Trade in Goods & Services
9 a.m.: Johnson Redbook U.S. Retail Sales Index
10 a.m.: U.S. Treasury Secretary Scott Bessent testifies at House Appropriations Committee hearing
10 a.m.: Global Services PMI

• Major U.S. employers are starting to take a new approach to jobs: Hire less—or not at all.
• Beijing is considering ways to address the Trump administration’s concerns over China’s role in the fentanyl trade, according to people familiar with the matter, potentially offering an off-ramp from hostilities to allow for trade talks to start.
• Orders from U.S. factories grew in March, rising for a third straight month.
• In their deepening alliance, North Korean leader Kim Jong Un has helped Russian President Vladimir Putin withstand the pressure of the Ukraine war by sending him soldiers and arms.
• Oil prices slumped after the Organization of the Petroleum Exporting Countries and its allies agreed to a larger output hike for a second straight month despite weak prices and an uncertain demand outlook.

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 Michael Maloney in New York. Send your tips, suggestions and feedback to michael.maloney@wsj.com.