A hearty gain in U.S. jobs in July would put the Federal Reserve on the cusp of its first increase in interest rates since the end of the Great Recession. But midsummer employment reports often have a way of blowing up the narrative. The Fed last week indicated it will raise interest rates “when it has seen some further improvement in the labor market.” Loosely translated, the central bank hopes and expects to see 200,000-plus increases in monthly employment in both July and August, paving the way for policy makers to jack up a key short-term rate at a mid-September meeting. Wall Street is singing the same tune. ... (full story)