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

ChainCatcher news, according to Jin Shi reports, 2026 FOMC voting member and Cleveland Fed President Harker stated in an interview with Bloomberg that the non-farm payroll report released on Friday was "disappointing," but that does not mean the Fed should cut rates at this week's policy meeting.

He expressed confidence in the decision made earlier this week, stating that although July's employment data 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.