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Fed Officials Welcome July Inflation Data, But Not Ready to Say Prices Have Peaked
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Federal Reserve officials on Friday welcomed inflation data showing some cooling in price pressures, but they also said it was too soon to drive a major rethink of their effort to aggressively raise short-term interest rates.
On Friday, the government reported the July personal consumption price expenditures index was up by 6.3% from the same month a year ago, and slowed from the 6.8% year-over-year pace seen in June. Price rises stripped of food and energy also moved down to a 4.6% year-over-year increase in July, from a 4.8% advance in June.
Read more on wsj.comAbout this in other media
Fed’s Mester Says More Rate Rises are Needed Amid Inflation Surge wsj.com /1 year ago
Lael Brainard Says Fed Rate Rises Will Bring Down Inflation wsj.com /1 year ago
Fed Vice Chair Brainard vows 'we are in this for as long as it takes' to stop inflation cnbc.com /1 year ago
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