Fed’s Harker: Jobs Report “Disappointing,” But Doesn’t Mean a Rate Cut Is Warranted This Week

ChainCatcher reports that 2026 FOMC voting member and Cleveland Fed President Loretta Mester stated in an interview with Bloomberg that Friday’s nonfarm payroll report was “disappointing,” but this does not mean the Federal Reserve should cut rates at this week’s policy meeting.

She said, “I am confident in the decision we made earlier this week. Although July’s employment data was weaker than expected, we must take a comprehensive view of the data. When I look at the current situation, I find that the labor market remains basically balanced. Once again, today’s report is just one report, and with inflation still too high, it is crucial to continue monitoring labor market conditions.”