Before the strong December jobs report was released, the odds were already low for an interest rate cut in the next Federal Reserve decision on January 29.

Key Takeaways The odds of the Federal Reserve cutting its benchmark interest rate this year fell after a jobs report Friday showed hiring in December blew past expectations.Strong job growth means less pressure on the Fed to cut interest rates to save the economy and prevent layoffs.

The Federal Reserve has been "less focused on the job market recently," and today’s better-than-expected employment report "gives them more reason to put their attention elsewhere," said Ali Jaffery,