<h1>December jobs report, tariff uncertainty and weak hiring reshape Fed rate-cut debate as unemployment dips to 4.4%</h1> December employment data show employers added 50,000 jobs and unemployment fell to 4.4%, with prior months revised downward, indicating weaker labor-market momentum and fewer available openings despite low layoffs. Ongoing shifts in tariff policy are described as creating business uncertainty that is contributing to restrained hiring, affecting sectors such as manufacturing and retail through job losses. The Fed's recent three rate cuts are noted as a response to weakening employment, but internal policy views diverge: some officials favor holding rates due to inflation remaining above the 2% target, while others support further reductions to lower borrowing costs and stimulate spending, with the consequence that near-term interest-rate policy may remain on hold absent clearer inflation improvement or labor-market deterioration.