WASHINGTON (AP) — If the Federal Reserve needs any further evidence that the worst price spike in four decades is steadily easing, it's likely to come...
Consumer prices are thought to have risen just 0.2% from June to July, according to economists surveyed by FactSet, a pace only slightly above the Fed’s 2% annual inflation target. Measured from a year earlier, inflation is forecast to have remained 3%, the same as in June.
When the central bank lowers its benchmark rate, over time it tends to reduce the cost of borrowing for consumers and businesses. Mortgage rates have already declined in anticipation of the Fed's first rate reduction.At a news conference last month, Powell said that cooler inflation data this spring had strengthened the Fed's confidence that price increases are falling back to a 2% annual pace. Inflation was low in May, and overall consumer prices slipped 0.
“Yes, it’s coming," Bostic said in Atlanta to the Conference of African American Financial Professionals. "I want to see a little more data. ... We need to make sure the trend is real ... but it is coming.” As inflation continues to decline, the Fed is paying increasingly close attention to the job market. The central bank's goals, as defined by Congress, are to keep prices stable and support maximum employment.
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