The jobless jump in May will not influence the rate outlook going forward.  This is reported in the WSJ. 

The likelihood of a serious recession has fallen. 

Growth risks remain to the downside. 

The thought is the Fed is unlikely to raise rates in the near future.

• Activity in current quarter likely to be weak.
• Current headwinds offset by recent rate cuts
• Stimulus package provides support
• Less downside from housing
• Inflation has remained high reflecting increase in global commodity prices.