Inflation rises 2.9% in July, less than expected
FS Investments chief market strategist Troy Gayeski provides his outlook for the markets, the banking sector and a possible rate cut.
Inflation fell in July to the lowest level in more than three years, a welcome sign for the Federal Reserve even as prices remained uncomfortably high for millions of Americans.
The Labor Department on Wednesday said that the consumer price index, a broad measure of how much everyday goods like gasoline, groceries and rent cost, rose 0.2% in July from the previous month, in line with expectations.
Prices climbed 2.9% from the same time last year, beating the 3% headline gain forecast by LSEG economists. It marked the lowest level of inflation since March 2021.
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