Bank of America still expects the Fed to raise rates by 75 basis points this year, starting in September, despite weaker July jobs data showing payrolls fell 23,000. The bank noted that prior months' payrolls were revised down by another 103,000, unemployment dropped to 4.1%, and wage growth slowed to 3.2%, with labor-force participation slipping. However, BofA believes inflation remains the Fed's primary concern.