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August 7, 2026 / 2:33 PM EDT / CBS News What a difference a day can make for monetary policy. On Thursday, interest rate futures were decidedly tilted toward the Federal Reserve hiking its benchmark rate in September, according to CME FedWatch, which tracks traders to forecast the central bank's policy decisions. But after Friday morning's dismal July jobs report , which showed that employers unexpectedly shed 23,000 jobs last month, that probability has now flipped, with the Fed expected to hold steady next month. The latest employment figures suggest the labor market may be much weaker than previously thought. On Friday, the Labor Department also revised down hiring data for May and June by a combined 103,000.
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