His transformation comes at a time when President Donald Trump's demands that the Fed cut rates are reaching a fever pitch, and Trump has made clear he won't pick a candidate who isn't ready to deliver.

The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.

The labor market was a bigger point of discussion in the Federal Reserve's most recent monetary policy-setting meeting, but officials were divided about the path of future actions.

US Treasuries fell for a fifth day as demand for long-term government debt across the globe wanes amid a flurry of bond auctions this week.

The markets are waiting for the Federal Open Market Committee to make its next move.

Fresh US jobs figures took pressure off the Federal Reserve to consider an interest-rate cut later this month, likely leaving the central bank on hold at least until the fall.

The Treasury's need to finance growing debt is the unspoken factor in the discussion of monetary policy and housing costs, the Chairman of Whalen Global Advisors argues.

Treasuries fell Friday but remained on course for a third straight weekly gain, with benchmark yields near the lowest levels since early May.

The Federal Reserve's preferred measure of inflation moved further from its 2% target, underscoring the central bank's reluctance to cut rates.

Consumer spending and exports fell slightly in the latest estimate, leading to a downward revision. Imports, which dragged down overall output during the first three months of the year, also came in smaller.