released Friday showed sentiment hit its lowest level in seven months during June. The index reading for the month came in at 65.6, down from 69.1 in May and lower than the 72 economists had expected.
Year-ahead inflation expectations were flat at 3.3% from the month prior. However, most respondents likely didn't have time to factor inThis means the last day consumers could submit survey responses was the same day that May's Consumer Price Index was released. The headline CPI index rose 3.3% over the prior year in May,showed wholesale prices unexpectedly declined from the month prior in May.
He added that after a period of high inflation, price increases have come down "significantly," and the central bank is doing everything it can to restore price stability. Powell maintained the Fed is confident inflation will return to its 2% target. Donald Trump rarely meets a microphone he doesn’t like, but today the usually volatile former president backed off being bumped off TV by Joe Biden. More than ever this election year, it was a tale of two presidents on cable news this morning.