The Federal Reserve is not as near the end of its tightening cycle as some economists believe despite the lackluster 78,000 jobs created in May, said Drew Matus, economist at Lehman Brothers. It is "still the sixth inning in our view as we do not expect this one number will impact the Fed's thought process," said Matus in a note to clients on Friday. He was referring to comments made on Wednesday by Dallas Fed president Richard Fisher who said that Fed was in the "eighth inning," or almost at the end, of the tightening cycle.