![]() ![]() ![]() have previously hinted at will be baked into those insights: they expect another large rate hike in July to tame inflation. The Federal Reserve will also provide an update to its Summary of Economic Projections, which will illustrate where officials expect inflation, unemployment, growth, and borrowing prices to go in the next two years. It had dropped from a high of 11.5 percent in March. PPI rose 10.8 percent from a year ago, slightly less than the 10.9 percent gain predicted by economists. The most significant contributors were shelter, food, and gas.įollowing minor downward revisions to April statistics, the producer price index (PPI) for final demand in the United States increased by 0.8 percent in May. The closely watched inflation indicator increased by 1% from a month ago, beating all expectations. According to Labor Department data released on June 10, the consumer price index (CPI) jumped 8.6 percent from a year ago. Inflation in the United States unexpectedly accelerated in May, putting pressure on the Federal Reserve to extend its aggressive string of interest-rate hikes. Governor Christopher Waller of the Federal Reserve said he would not rule out a 50-basis-point rate hike until inflation got "closer to our 2 percent target". Two more 50 basis point raises, according to Fed vice chair Lael Brainard, is "a reasonable kind of path." Additional 50 basis point hikes may be necessary until "compelling evidence that inflation is on the downward trajectory," according to Cleveland Fed president Loretta Mester. ![]()
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