On Thursday, investors will digest one of the most important data points that will shape future Federal Reserve interest rate policy: July's Consumer Price...
The Producer Price Index came in cooler than expected in July, according to new data from the Bureau of Labor Statistics released Tuesday morning.after rising 0.2% in June. The pace was below economist forecasts. The index rose 2.2% year over year, just a touch above the Federal Reserve 's 2% inflation target.
On a "core" basis, which strips out the more volatile costs of food and gas, prices in July are expected to have risen 3.2% over last year, a slowdown from the 3.3% annual increase seen in June. Monthly core prices, however, are expected to rise 0.2% compared to 0.1% increase in June, according to Bloomberg data.
While July's inflation data will likely not be "quite as low as June, it is in line with prior trend in deflation and should meet the Fed's benchmark for beginning rate cuts in September," Gapen said. "Non-housing services inflation should moderate over time given cooling services wage inflation; however, a sustained period of deflation is unlikely," he warned.Comedian and former Saturday Night Live writer John Mulaney made it clear he has “zero to do” with the new movie Saturday Night this week on Late Night With Seth Meyers.
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