While the Federal Reserve Bank of Philadelphia begins its search for CEO and President Patrick Harker's replacement — who is set to retire in June 2025 — the US central bank published its Beige Book report. Harker previously told Yahoo Finance a 25-basis-point interest rate cut is more likely to happen at the Fed's September meeting unless labor market conditions deteriorated.

Yahoo Finance Fed reporter Jennifer Schonberger highlights other Fed officials' sentiments around rate cuts and what the Beige Book indicates about the job market.

Catch Jennifer Schonberger's full interview with Philly Fed President Patrick Harker from the Jackson Hole Economic Symposium.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Luke Carberry Mogan.