Fed's Hammack: Jobs report 'disappointing' but doesn't mean rate cut this week

PANews reported on August 1st that according to Jinshi, Cleveland Fed President and 2026 FOMC voting member Hammack said in an interview with Bloomberg that the non-farm payroll report released on Friday was "disappointing," but it did not mean the Fed should cut interest rates at this week's policy meeting. He said, "I am confident in the decision we made earlier this week. Although the July employment data was weaker than expected, we must examine the data comprehensively. When I review the current situation, I find that the labor market remains basically balanced. I emphasize again that today's report is just a report. With inflation still too high, it is crucial to monitor the labor force situation."