The Fed’s next policy meeting is six weeks away. That leaves time for another jobs report, fresh inflation data, and the Jackson Hole symposium later this month. What’s clear now is that a September rate cut may be necessary, but that the decision won’t be easy.

Federal Reserve Governors Christopher Waller and Michelle Bowman expressed concerns that the central bank’s hesitance to lower interest rates could risk unnecessary damage to the labor market.

The two Federal Reserve governors who favored an interest rate cut at the U.S. central bank's policy meeting this week said on Friday they did so largely due to rising concerns about the job market, in statements made public just ahead of the release of hiring data that bolstered their position.