A jump in U.S. wholesale prices last month looks to have all but erased the possibility that the Federal Reserve will deliver a jumbo-sized half-percentage-point interest rate cut in September, though expectations for a quarter-percentage-point move next month,

President Trump and Treasury Secretary Scott Bessent have been pushing for aggressive Federal Reserve interest-rate cuts. But one Wall Street strategist warned that even if the Fed delivers, it might not do much to stimulate the economy.

A weak jobs report earlier this month revealed a sharp slowdown of the labor market, which could prompt the Fed to reduce borrowing costs as a means of warding off an economic slo