- Fed Officials Signal Possible September Rate Cut Amid Labor Softness: Three Fed policymakers — Daly (SF), Cook (Board), and Kashkari (Minneapolis) — expressed concern about a slowing labor market, citing weak July job gains and downward revisions to previous months. Daly noted the labor market has “softened” and said policy “will likely need to adjust” in the coming months. Markets are increasingly pricing in a September rate cut, with some officials now projecting two cuts before year-end.
- Southeastern Pennsylvania Transportation Authority – SEPTA Faces Funding Deadline to Avoid Transit Cuts: Philadelphia’s transit authority must secure new state funding by August 14 to avoid a 20% service cut, including 32 bus routes and significant train reductions. Failure to act could have a material credit and ridership impact on SEPTA bonds. If you own SEPTA bonds, we recommend monitoring their quality and insurance.
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