August nonfarm payrolls surprised with a two‑digit increase, removing a key impediment to a September Fed rate hike that would have been contentious after prior weak payrolls. As Fed Governor WALLER said yesterday, "whether to hike in September depends on August CPI" — with nonfarm no longer clouding the decision, next week’s CPI is effectively the deciding vote on a September increase.

2026-09-04

August nonfarm payrolls surprised with a two‑digit increase, removing a key impediment to a September Fed rate hike that would have been contentious after prior weak payrolls. As Fed Governor WALLER said yesterday, "whether to hike in September depends on August CPI" — with nonfarm no longer clouding the decision, next week’s CPI is effectively the deciding vote on a September increase.