jobs report<\/a> showed that US employers hired 162,000 new workers that month, more than double the level economists anticipated.\n <\/p>\n\n The strong report opens the door even wider for the Fed to hike interest rates to fight back against inflation concerns. Officials meet later this month to decide where rates should be.\n <\/p>\n
\n The Fed declined to comment on Trump\u2019s post.\n <\/p>\n
\n After the jobs report was released at 8:30 a.m. ET on Friday, rate hike odds at the upcoming meeting jumped to 60% from 49% on Thursday, according to CME FedWatch.\n <\/p>\n
\n Fed officials have sent mixed signals ahead of their two-day policy meeting beginning on September 15.\n <\/p>\n
\n Last week, Fed Chairman Kevin Warsh, whom Trump hand-picked to replace Jerome Powell after repeatedly pressuring the former chair to cut interest rates, signaled that he is open to raising rates if inflation remains too high.\n <\/p>\n
\n \u201cWe must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do,\u201d Warsh said in remarks he delivered at the Fed\u2019s annual Jackson Hole symposium.\n <\/p>\n
\n Fed Governor Michael Barr said this week he\u2019s prepared to vote for a rate hike soon if new inflation data doesn\u2019t indicate any progress bringing price increases back to the bank\u2019s 2% target.\n <\/p>\n
\n While, Fed Governor Chris Waller said he\u2019s willing to wait longer to see how the economy evolves but that he would support a hike if inflation doesn\u2019t eventually slow.\n <\/p>\n
\n That\u2019s put a unique emphasis on next Friday\u2019s Consumer Price Index report for August.\n <\/p>\n
\n The nation\u2019s annual inflation rate has jumped by a full percentage point to 3.4% in July since the war with Iran broke out in February, according to CPI data.\n <\/p>\n
\n The run-up in inflation has stemmed primarily from a massive jump in gas prices, with oil tankers mostly unable to transit through the Strait of Hormuz. That\u2019s caused businesses to also pay more to transport goods, and many companies have signaled forthcoming price hikes as a result.\n <\/p>\n
\n If Trump follows through on his threat to cut off trade, it could put further upward pressure on prices. But that assumes US businesses can quickly find alternative suppliers for goods they had been sourcing from those countries. In many cases, that could be extremely difficult, if not impossible. The resulting disruptions could hit businesses and consumers alike, potentially weighing heavily on the broader economy.\n <\/p>\n
\n It\u2019s not the first time this week Trump has called for lower interest rates. Speaking to reporters in the Oval Office on Monday, Trump said it was \u201cridiculous\u201d to even discuss raising them.\n <\/p>\n
\n \u201cIt\u2019s ridiculous because success in growth does not cause inflation,\u201d Trump said. \u201cInflation\u2019s caused for other reasons.\u201d\n <\/p>\n
\n The comments underscore Trump\u2019s long-running pressure campaign on the Fed to cut interest rates. That includes Trump\u2019s attempt to fire Fed Governor Lisa Cook over unproven allegations of mortgage fraud. The Supreme Court ultimately ruled that Trump did not have the authority to remove her. (Cook has not been charged with any wrongdoing.)\n <\/p>\n
\n Trump\u2019s Justice Department also opened a criminal investigation last year into Powell\u2019s handling of the central bank\u2019s multibillion-dollar renovation project while he was still chair. The investigation was later dropped, clearing a major roadblock to Warsh\u2019s Senate confirmation.\n <\/p>\n
\n This story has been updated.\n <\/p>\n","protected":false},"excerpt":{"rendered":"President Donald Trump threatened on Friday to prevent the US from trading with many nations unless the Federal…\n","protected":false},"author":2,"featured_media":836368,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[28],"class_list":["post-836367","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/836367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=836367"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/836367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/836368"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=836367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=836367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=836367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}