Photo: Jerome Powell, chair of the U.S. Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, D.C., on July 31, 2024. Photographer: Al Drago/Bloomberg. Jerome Powell, chair of the U.S. Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, D.C., on July 31, 2024. Photographer: Al Drago/Bloomberg.

The latest snapshot of the U.S. labor market left open the possibility that the Federal Reserve will go big as it begins cutting interest rates, though two key officials on Friday stopped short of endorsing such a move at their September meeting.

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