Today's jobs report is expected to show the unemployment rate inched higher in July to 4.2%, from 4.1% in June. Ahead of the Labor Department's nonfarm payrol

Federal Reserve Chair Jerome Powell repeatedly described the labor market as solid and balanced at his press conference on Wednesday after the Fed held rates at 4.25%-4.50%. Still, he acknowledged there are downside risks.

The Federal Reserve won’t cut interest rates until it sees how inflation and job creation respond to higher tariffs. The next big bite of the apple arrives on Friday with the July employment report. Here’s what to expect.