Traders have pulled forward their expectations for the first interest rate cuts in the US as the economy added fewer jobs than expected. Money markets indicate the US Federal Reserve will cut rates by September, compared to expectations of a change by November before the publication of the latest nonfarm payrolls data from the Labor Department. The data showed that the world’s largest economy added 175,000 jobs last month, down from a revised March figure of 315,000, while the jobless rate edged slightly higher to 3.9pc. US stock indexes on Wall Street jumped sharply higher and the FTSE 100 hit a new record high as the report also showed wages grew at a slower pace than expected at 3.9pc, compared to estimates of 4pc. It was down from 4.1pc in the year to March. The US Federal Reserve opted on Wednesday to hold interest rates steady for a sixth meeting in a row at their 23-year highs of 5.25pc to 5.5pc. Chairman Jerome Powell had warned that it is still too early to declare victory against stubborn inflation after “a lack of further progress” in a blow to hopes of imminent rate cuts. Richard Flynn, managing director at Charles Schwab...