A new report from the Dallas Federal Reserve cautions that the Federal Reserve and mainstream economists may have misjudged the current state of the U.S. job market. The study highlights potential errors in interpreting labor market conditions, suggesting that premature interest rate cuts could be a significant mistake if inflation remains high. The report points to the Trump administration's immigration policies, including the voluntary departure of over 300,000 immigrants and forced deportations, as factors that have skewed conventional views of the labor market. This analysis contrasts with the previous years' trends of increased immigration into the U.S.