Jobs figures for June blew past expectations this morning, with the unemployment rate falling to 6.1 percent, the lowest level in six years.

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The U.S. added 288,000 jobs in June, a figure that suggests growing stability in labor markets and could prompt monetary policy makers to rethink their timetable for raising interest rates.

The unemployment rate fell by 0.2 percentage point to 6.1% last month, according to data released Thursday by the U.S. Department of Labor. Economists had forecast 212,000 new jobs and that the unemployment rate would hold steady at 6.3%.

"Five consecutive months of job creation north of 200K is a most welcome development and the Federal Reserve will certainly take note," Dan Greenhaus, chief global strategist at BTIG, said in a note to clients. 

"However, absent observable and building inflationary pressures beyond what has already been observed, we’re not sure Fed officials are set to meaningfully change their public tone."

Peter Boockvar, chief market analyst at The Lindsey Group, took a more hawkish tone: "Yellen is not going to be able to wait until May 2015 to raise rates and that is what the U.S. Treasury market is responding to today," he said in an e-mail. 

Indeed, the yield on the 10-year Treasury bond rose 0.04 percentage point to 2.67% following the report. Bond yields move in the opposite direction of prices. 

The Fed is facing a critical phase as it winds down its unprecedented stimulus programs initiated during the 2008 financial crisis. The central bank’s asset purchasing program, known as quantitative easing, is scheduled to end in the fall, and the Fed’s next big step is to start raising interest rates from historic lows. 

Charlie Gasparino of Fox Business Network went over the numbers this morning on America's Newsroom, including the Dow Jones Industrial Average topping 17,000 for the first time. He said what Wall Street is most focused on these days is the Federal Reserve continuing to print money, not necessarily robust economic growth.

Eric Shawn asked what will happen when Fed chair Janet Yellen decides to stop the printing. He said it depends on how it happens and on the federal funds rate, but doesn't think Yellen will stop the printing anytime soon.

Watch his full analysis above.