Nick Timiraos, a well-known financial journalist known as the "New Fed News Agency", wrote that the August inflation data paved the way for the Fed to gradually cut interest rates next week, but a sharp 50 basis point cut is not expected. Firmer housing inflation led to a slightly higher-than-expected increase in core prices in August, which could make it harder for Fed officials to push for a bigger 50 basis point cut at next week's meeting. However, some officials have not completely ruled out the possibility of a larger rate cut. At the same time, while the easing of inflation has provided respite for overburdened households, the labor market is also cooling, hiring and wage growth are slowing, and the average length of unemployment is rising as it becomes more difficult to find work.