President Trump intends to nominate Stephen Miran, the head of the White House Council of Economic Advisers, to the Federal Reserve’s Board of Governors on a short-term basis. Atlanta Federal Reserve President Raphael Bostic said he still expects the Fed to cut rates just once this year, despite growing signs that the labor market is losing steam. And the Bank of Mexico on Thursday opted to cut its benchmark interest rate by a quarter of a percentage point after four consecutive half-point reductions.

President Trump said he would nominate Stephen Miran, the head of the White House Council of Economic Advisers, to fill a vacancy on the Federal Reserve’s board of governors on a short-term basis.

Trump tapped Miran in December to lead the CEA, and he was confirmed by the Senate to his current post in March.

• Miran Argued for Deep Fed Reforms

Some countries have already struck deals with the U.S. South Korea, the European Union and Japan have agreed to a 15% tariff on their exports. Separately, Trump said he hiked tariffs on Canada to 35% effective Aug. 1.

• Auto Industry Takes $12 Billion Hit From Trade War

The average rate for a 30-year fixed mortgage fell to 6.63%, its lowest level since April, according to Freddie Mac data out Thursday. Last week, rates averaged 6.72%. The levels still remain higher than they were a year ago.

U.S. wholesale inventories increased in June as firms continued to adjust to President Trump's higher trade tariffs. Inventories at merchant wholesalers rose 0.1% from a month earlier, having slid by 0.3% in May, according to Commerce Department figures published Thursday. Economists polled by The Wall Street Journal had expected June's inventories to increase by 0.2%. (Dow Jones Newswires)

10:30 a.m.: Federal Reserve Bank of St. Louis President Alberto Musalem speaks at Mississippi Delta event

None scheduled

The Bank of England is likely nearer to ending interest-rate cuts following this week's tight vote, TwentyFour Asset Management's Johnathan Owen says in a note. The BOE's policymakers voted by five members to four in favor of a 25 basis-point interest-rate cut and highlighted concerns about elevated inflation. Markets have reduced their expectations of BOE rate cuts as a result, currently pricing in only a 70% chance of another rate cut this year, down from a 96% chance priced in prior to the rate decision, LSEG data show. — Miriam Mukuru

The Bank of Mexico's monetary policy statement points to the possibility of more than one additional interest-rate cut despite improved economic activity and sticky core inflation, Citi economists Julio Ruiz and Felipe Juncal say in a note. The central bank lowered its benchmark rate by 25 bps to 7.75% as expected. While the bank raised its core inflation forecasts for the third time in a row, "the board seems to be relying on activity weakness and currency appreciation for the disinflationary process to continue," they say. "The forward guidance suggests further rate cuts (plural) are possible, despite the persistence of core inflation." — Anthony Harrup

• U.S. companies can now unload their debt at the lowest rates so far this year, a sign of investors’ growing appetite for risk and seeming confidence in the U.S. economy. (Barron's)
• Nonfarm business-sector labor productivity grew at a rate of 2.4% in the second quarter, according to a preliminary estimate released Thursday by the Bureau of Labor Statistics. That is the biggest upward swing from one quarter to the next since 2021. (Barron's)
• Switzerland said it would continue U.S. trade negotiations but doesn't expect quick solutions, after the Trump administration hit it with one of the world's highest tariff rates.
• Ireland’s factory output fell sharply in June as exports to the U.S. halved, helping to push the economy into contraction after a first-quarter boom.
• China’s auto sales grew more slowly last month as demand began to cool following Beijing’s efforts to rein in the price war in the world’s largest car market.

WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by markets reporter Vicky Ge Huang in New York. Send your tips, suggestions and feedback to vicky.huang@wsj.com.