The Federal Reserve may have no choice but to approve another mega-sized interest rate hike in September following the hotter-than-expected July jobs report.
which Fed policymakers have stressed they are determined to crush. Consumer prices jumped 9.1% in June on an annual basis, the highest since 1981, and are expected to remain high for months.
Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee meeting in Washington, D.C., May 4, 2022. The jobs report, particularly the wage data, "is not quite what the Fed was hoping to see, particularly the acceleration of average hourly earnings to a 0.5% month-over-month growth pace," said Jason Pride, chief investment officer of private wealth at Glenmede.
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