#bls-revision

#bls-revision

The long-awaited resumption in the Fed's interest rate cuts occurred, as the central bank weighed the risk associated with a decelerating labor market and accelerating inflation and determined that the job market was the bigger risk to the overall economy. The central bank reduced short term rates by a quarter of a percentage point (0.25 percent), putting the Fed funds rate at a range of 4.25-4.5%.

Donald Trump's renewed anger at Jerome Powell over delayed interest-rate cuts has intensified after a dramatic revision cut U.S. job growth by 911,000 since 2024-adding fuel to Trump's criticism of the Fed and amplifying political strife ahead of the Federal Reserve's September meeting. For months, Trump has been vocal in his frustration with Federal Reserve chair Jerome Powell for being "too late" to cut rates, and he just got fresh ammunition in the latest jobs report data revision.