The dollar sagged on Monday as bond yields extended their decline after a U.S. jobs report showed wage growth lose momentum even as employment increased. [Source]
Do you understand that?
Wage growth is a harbinger of price inflation. Because wage growth isn't strong but actually quite weak (considering the unemployment rate is so low, people see a weakening US economy). Bond yields go down because the price of bonds goes up. More people are buying bonds now because they think the interest rate on bonds will fall. They think the Fed will lower rates to counter the slowing economy. They are locking in the higher interest rate paid on bonds.
Of course, there is still plenty of labor slack, meaning there are still plenty of people who would enter or reenter the labor force (those looking for work or employed) were wages high enough to entice them back in, were new hires so hard to obtain that employers will take almost any able-bodied person and pay him or her a living wage.
The Fed isn't holding back the economy. The greedy who won't pay a living wage are.