The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger
They had seen about a 14% chance of a rate hike next month before the Labor Department report showed the July consumer price index rose 3.2% from a year ago, following a 3% year-over-year increase in June. The Fed has driven its policy rate up by 5.25 percentage points since March 2022 to bring inflation back down to its 2% goal. Analysts said July's slight acceleration in year-over-year consumer price inflation - its first in 13 months - was a mathematical artifact of the CPI's 40-year-high peak of 9% last year, and not an indication of worsening underlying trends.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: