Photo: An eagle sculpture stands on the facade of the Marriner S. Eccles Federal Reserve building in Washington, D.C. on November 18, 2016. Photographer: Andrew Harrer/Bloomberg, An eagle sculpture stands on the facade of the Marriner S. Eccles Federal Reserve building in Washington, D.C., on November 18, 2016. Photographer: Andrew Harrer/Bloomberg,

A weak July jobs report has fueled fears that the Federal Reserve has already waited too long to lower interest rates, but policymakers are unlikely to respond with a jumbo-sized interest rate cut in September that might signal alarm.

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