Federal Reserve's Harker: Employment report is "disappointing," but does not mean rates should be cut this week

ChainCatcher news, 2026 FOMC voting member and President of the Cleveland Fed, Harker, stated in an interview with Bloomberg that the non-farm payroll report released on Friday was "disappointing," but it does not mean the Federal Reserve 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 employment data for July was weaker than expected, we must take a comprehensive look at the data. When I review the current situation, I find that the labor market remains fundamentally balanced. Again, today's report is just one report, and it is crucial to monitor labor conditions while inflation remains too high."