Federal Reserve officials: Employment slowdown does not change the interest rate path, and the expectation of interest rate cuts is difficult to adjust for the time being

The U.S. July employment report was unexpectedly weak, raising concerns among Federal Reserve officials about the economic outlook. Atlanta Fed President Raphael Bostic stated that despite the worrying employment data, it would not change interest rate decisions. He pointed out that current inflation is still far from the Federal Reserve's target, and the job market remains relatively healthy. Cleveland Fed President Loretta Mester also believes that the unemployment rate is within a normal range, supporting the decision to keep interest rates unchanged. Manufacturing data similarly indicates economic weakness, with the July manufacturing Purchasing Managers' Index falling below the expansion threshold for the fifth consecutive month