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.

Futures traders have certainly changed their tune on a September rate cut following the July jobs data. According to CME FedWatch, odds that the Fed lowers the federal funds rate by a quarter-percentage point at its next meeting in September have jumped to 67% from 38% one day ago.

Just 73,000 jobs were created last month, on a seasonally adjusted basis. + Economists polled by The Wall Street Journal had forecast that about 100,000 roles were added. Large [revisions for previous