Nick Timiraos, the Fed's mouthpiece: Friday happens to be the last day before Fed officials enter the pre-meeting silent period. Fed Chairman Williams and Fed Governor Waller are scheduled to speak after the release of the employment report, which is the last chance to set expectations for the upcoming meeting. With economic growth and inflation slowing, it is more reasonable for the Fed to adjust interest rates from the current level of around 5.3% to around 4.5%. If there is no sign that the weak employment in July will continue into August, some Fed officials may resist a sharp 50 basis point rate cut. But officials who were open to a rate cut at the July meeting may support a 50 basis point rate cut in September, and they will receive broader support if the unemployment rate jumps again and job growth slows further. (Jinshi)