Neither Presidents Kashkari or Daly—nor Governor Cook—dissented at the July meeting. With Governor Chris Waller and FOMC member Michelle Bowman already lobbying for a cut, the ranks of the dovish are growing by the day.

Stock market analyst and author Robert Prechter says he believes the Federal Reserve will implement a rare emergency rate cut before its September meeting.

Peter Boockvar, One Point BFG Wealth Partners CIO, joins 'Fast Money' to discuss today’s data and outlook for rates and the Fed's next moves.