The Federal Reserve won’t cut interest rates until it sees how inflation and job creation respond to higher tariffs. The next big bite of the apple arrives on Friday with the July employment report. Here’s what to expect.

The Federal Reserve held rates steady in July but two governors dissented, saying they had concerns about labor market fragility.

The unemployment rate nudged up slightly to 4.2 per cent, in line with market expectations There were big downward revisions to jobs growth in May and June July’s payrolls report painted a picture of a labour market that is weakening,