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.
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