As recently as last Thursday, Unhedged argued that “Rate cuts would be a bad decision right now,” and we have long supported the Fed’s decision to stand pat at 4.25 to 4.5 per cent. Well, after a bad jobs report on Friday, things look different, and the dissidents within the Open Market Committee look more prescient and less political.

When the economic news is bad, Trump thinks he can just shoot the messenger. Here’s how the firing played out, as well as analysis and reaction.

It's hard to describe just how bad the July jobs report is. Start with the 73,000 increase in new jobs. It's weak enough as it is, but all of the new jobs came from just one industry: healthcare. The sector has accounted for more than half of all the new jobs created this year.