New York Fed President William Dudley on Friday said while the April job gain was “a touch softer” than people were expecting, he was not putting a lot of weight on the data.

Many analysts said the slowdown in employment in April will keep the Fed on the sidelines at its next meeting in June.

In an interview with the New York Times, Dudley didn’t discuss June directly. But he said two rate hikes this year remained a “reasonable expectation.”

Dudley is a voting member of the Fed’s policy committee and is someone markets pay close attention to as he is seen as a close ally of Fed Chairwoman Janet Yellen.

Kevin Logan, chief U.S. economist at HSBC, said Fed officials were already ambivalent about raising rates in June and the latest jobs report will just add to their caution.

“It means there is nothing compelling to push the Fed to decide it is appropriate to raise the funds rate,” he said.

Fed officials had thought that the turmoil in financial markets in the first few weeks of the year would be a “flash in the pan,” but the data suggest more lasting damage, Logan said.

Companies scaled back hiring in April, adding just 160,000 new jobs, well below the recent trend.

Read: U.S. jobs growth slows down in April.

Sal Guatieri, senior economist at BMO Capital Markets, said the slowdown in job growth and the economy “raises big question markets as to whether the unemployment rate will stay at 5%.”

“It probably takes June off the table,” he said. “There is not a whole lot of reason for the Fed to anticipate a marked upturn in the economy.”

For the Fed to act in July, “we would need to see a rebound in jobs growth and a tick down in the unemployment rate to spur them to move.”

Stuart Hoffman, chief economist at PNC Financial Services, said the “good but not great April employment report coming on the heels” of the soft gross domestic product report likely rules out a quarter-point rate increase in June. U.S. GDP slowed to a 0.5% annual rate in the first three months of 2016.

Economists were quick to note that a 160,000 gain in nonfarm payroll was still decent job growth.

“I don’t think this changes the calculus at the Fed, it is a pretty decent report” when you factor in wage growth and hours worked, said Omair Sharif, senior U.S. economist at Société Générale.

But Sharif still thinks the Fed will only raise interest rates once this year.

It is “just too late” to move in June, he said, even though several Fed presidents have insisted in the last few days that June was a live meeting.

Read:Fed’s Lockhart says he’s ‘on the fence’ for June rate increase

“It isn’t going to happen. It is already May and there is no real groundswell for a move,” Sharif said.

“For them to surprise the market isn't how they want to handle communications.

After the job report, traders who use fed funds futures contracts to project rate increases see only a 6% chance of a rate increase in June, according to the CME Group’s FedWatch. Odds of a July move were at 24%. Traders now see the first rate increase coming in December.

Economists at Barclays said they now expect one rate increase in 2016, down from two hikes previously.