Some Fed watchers do not expect Mr. Powell to make a specific forecast for September, but rather to remind everyone that the Fed will now focus more on jobs because the job market is weakening. The Fed has a dual mandate to maintain price stability and full employment. The latter has become increasingly important as unemployment has risen, putting more pressure on the Fed to act. The unemployment rate rose to 4.3 per cent in July, its highest level since October 2021. Luke Tilley, a bond portfolio manager at Wilmington Trust, expects Powell to discuss the natural rate, also known as the "neutral rate," which helps the Fed understand how constrained its monetary policy actually is.