If there’s an upside for the White House in May’s lackluster employment growth, it’s this: the Federal Reserve is far more likely to grant the interest-rate cut President Trump has been advocating for months.

The odds of a 25 basis-point reduction in short-term rates this month nearly doubled on Friday, based on trading in rate futures, after data from the U.S. Labor Department showed employers added just 75,000 jobs last month.