— Federal Reserve Gov. — Federal Reserve Gov. Lisa Cook Forward look: The July jobs report is the first major economic indicator to come out since the last Federal Open Market Committee meeting. The U.S. workforce shrunk in July, falling short of expectations even as the unemployment rate fell slightly, bolstering arguments both for and against a Federal Reserve rate hike next month. "Let me reiterate: There is no soft inflation target, there is no soft implicit target — not on this Committee's watch," he said.