Trump pushes for cutting interest rates and ties the move to potential trade retaliation, arguing the U.S. should stop trading with surplus countries if the Fed does not cut rates.

He argues inflation fears from faster growth are overstated and calls for much faster growth funded by lower borrowing costs.

Trump says the U.S. should have the lowest global interest rate to reflect a strong economy and credit profile, suggesting this would be preferable to tariffs.

Average hourly earnings rose 0.3% in the month and 3.1% year over year, with the workweek edging up to about 34.4 hours.

Markets reacted with a rise in the two-year yield to about 4.38% and a modest uptick in the 10-year to 4.78%, while gold fell roughly 1.2% after the data release.

This is identified as a developing story and will be updated as new information becomes available.

Inflation remained above the Fed’s 2% target at 3.4% year over year, with higher energy and diesel prices noted as policy considerations.

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Recent import trends show AI data-center expansion driving increases in computer and semiconductor imports.

The next Fed meeting is September 15-16, with inflation data and other indicators to be watched closely for policy direction.

The Fed faces a dilemma: a tight labor market reduces urgency for rate cuts, but persistent inflation data will influence the September meeting.

The Fed maintains its policy stance with the current target range of 3.5% to 3.75%, monitoring inflation and employment.