[JOLTS Data May Struggle to Influence Fed Policy Expectations] Federal Reserve Chair Powell stated that the labor market faces downside risks, with tighter immigration policies leading to slower labor force growth. San Francisco Fed President Daly also emphasized that the Fed needs to monitor the impact of tariff-related price increases on the labor market. Although the downside for the dollar is limited, if the JOLTS report shows a significant decline in job openings, it may heighten market concerns about labor market deterioration. However, if the data exceeds expectations, it is unlikely to change the market's view on the Fed's policy outlook, and the boost to the dollar would be limited.