Fed Set to Raise Rates in July Despite Inflation Slowdown

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(Worthy News) – Federal Reserve officials appear poised to resume interest-rate hikes this month after data showed inflation cooled sharply in June but remains above the central bank’s target.

The so-called core measure of the consumer price index — which excludes volatile food and energy prices — advanced 4.8% from a year earlier, data out Wednesday showed. That was the smallest increase since late 2021 and could give the Fed room to pause rate increases after its July meeting if the trend continues, economists say.

But Richmond Fed President Thomas Barkin said the growth in US consumer prices is still too quick even as it slowed in June, reiterating the central bank’s commitment to restoring inflation to its 2% goal. [ Source: Bloomberg (Read More…) ]

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