In a push to spur faster growth, he urged cutting interest rates and even tied the idea to potential trade shocks, saying the U.S. could halt trade with surplus countries if the Fed won’t cut rates.

He argued that inflation fears should not block rapid growth and pressed for much faster expansion while benefiting from cheaper borrowing costs.

From the Oval Office, he reiterated the demand for lower borrowing costs, linking it to U.S. competitiveness and criticizing current rates as a drawback.

New data showed average hourly earnings up 0.3% in the month and 3.1% year over year, with the typical workweek edging higher to 34.4 hours.

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

This is identified as a developing story that will be updated as more information becomes available.

Markets moved on the data, with the two-year yield rising to about 4.38% and the 10-year near 4.78%, while gold slid roughly 1.2% after the release.

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Imports linked to AI data-center expansion rose, with notable gains in computer and semiconductor shipments.

Analysts warn that growth alone won’t fix long-term deficits, even optimistic 3%+ growth scenarios for a decade would barely stabilize debt trajectories.

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

The Fed faces a dilemma: a strong job market lowers urgency for cuts, but persistent inflation keeps policy in question ahead of the September meeting.