An inflation index that is closely monitored by the Federal Reserve tumbled last month to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs.
Several of the world’s top central bankers got together, and their message was clear: interest rates are expected to go even higher to combat inflation. U.S.
That cooldown could lead the Fed to decide to skip a rate hike when it meets in September, after a widely expected increase at its next meeting in late July. Used cars soared 4.7% from April to May, though they’re still 2.2% cheaper than they were a year ago. Economists expect used car prices to fall soon because measures of wholesale used car costs are declining.
“The bottom line is that policy hasn’t been restrictive enough for long enough,” Powell said in his remarks at an international forum in Sintra, Portugal. He reiterated his view that prices for services, such as restaurant meals, hotel rooms and health care, are still rising too fast, driven in part by the need of many companies to raise pay to attract and keep workers.. Prices rose 5.5% in June compared with a year ago, down from 6.1% in May.
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An inflation gauge tracked by the Federal Reserve falls to its lowest point in 2 yearsIt was pulled down by lower gas prices and slower-rising food costs.
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An inflation gauge tracked by the Federal Reserve falls to its lowest point in 2 yearsIt was pulled down by lower gas prices and slower-rising food costs.
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