1. A Modest Gain Expected in July Payrolls Friday’s employment report is the biggest Fed-related item of the week. In its July statement, the Fed noted, “The labor market continued to improve,” and that the bank expected further improved. Economists surveyed by The Wall Street Journal expect the economy added another 215,000 in July, continuing a trend of modest gains seen so far this year. If forecasters are right, the pace of hiring should keep the Fed on track for a September rate rise. 2. No Breakout Expected in Wage Growth On the other hand, Fed chairwoman Janet Yellen often mentions stagnant wage growth as an ... (full story)