How the Fed Reads the July Jobs Report

The Federal Reserve Podcast with Fexingo: Interest Rates, FOMC Meetings, and Monetary Policy · Aug 10, 2026 · 8m · transcript

The July jobs report landed with a jolt: a loss of 23,000 jobs, the first outright decline in years, while the unemployment rate held steady. In this episode, Lucas and Luna unpack what the Fed actually sees in these numbers—and why the headline misses the point. They break down the signal in the ADP private payroll figure of 44,000, the cooling in wage growth, and how the Fed's own projections now point to a rate cut in September, despite the sticky core PCE reading of 130.3. With the two-year Treasury yield drifting lower and the ten-year breakeven easing to 2.25, the hosts explain how…