Top Federal Reserve officials are sounding increasingly cautious about the U.S. outlook, highlighting persistent uncertainty and signs of labor-market softening that could justify policy easing as soon as the central bank’s September meeting. At a Boston Fed event this week, bank President Susan Collins said uncertainty is especially pronounced in sectors requiring long-term investment and is prompting firms to delay pricing decisions. Governor Lisa Cook called the July employment report “concerning,” noting that sizeable downward revisions to previous payroll estimates often mark economic turning points. Atlanta Fed President Raphael Bostic, speaking a day later, said the jobs data revisions were “quite large,” pointing to “churn and turbulence” in the economy. He added that while markets have largely absorbed the price effects of the Trump administration’s tariffs, he expects volatility to stay elevated. Addressing an audience in Mississippi, St. Louis Fed President Alberto Musalem said economic activity appears steady but below potential, warning that slower growth poses risks to employment even as the labor market remains near full employment. He stressed that the Fed is now “missing on our inflation target” and predicted the inflation boost from the 145% tariff on Chinese goods will be temporary. The comments come after the Federal Open Market Committee left its benchmark rate unchanged at 4.25%–4.50% on 30 July. Futures markets now assign better-than-even odds to a quarter-point cut at the 16–17 September meeting as policymakers emphasize balancing risks on both sides of the Fed’s dual mandate.