Golden Finance reported that Bharat Ramamurti, former deputy director of the White House National Economic Council, said that the Fed "made a mistake" by not cutting interest rates in July and "should strongly consider the possibility of a 50 basis point rate cut in September." He said that the risks to price stability and inflation are much more serious than the risks facing the job market. "If you look at the data on hiring, resignations, and unemployment claims, you will find that there is data showing that there is pressure in the labor market now. I don't think the job market will fall off a cliff. Nevertheless, from all the data we have seen, the Fed's interest rates seem to be too restrictive relative to the inflation rate we are currently seeing."