Bloomberg on Nostr: Fed’s Powell Testifies as Inflation, Hiring Cool ========== Federal Reserve Chair ...
Fed’s Powell Testifies as Inflation, Hiring Cool
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Federal Reserve Chair Jerome Powell is expected to testify before Congress about the state of inflation and hiring in the US. Powell is likely to emphasize the need for further confirmation that inflation is slowing before the Fed considers cutting interest rates. Recent data has shown softer economic growth and higher unemployment rates, prompting some lawmakers to question the Fed's hesitation to lower borrowing costs. The consumer price index (CPI) data for June, set to be released after Powell's testimony, is expected to show a modest increase in inflation, with the core CPI rising 0.2%. The overall CPI is projected to rise 0.1% from the previous month and 3.1% from the previous year. The jobless rate has also increased, reaching its highest level since late 2021. The Fed's June policy meeting minutes revealed concerns about a further slowing in demand leading to higher unemployment. In Canada, June home sales data will be released to assess the impact of the Bank of Canada's rate cut. Other highlights include inflation data from China, Sweden, and Egypt, as well as central bank decisions in Israel and Serbia.
#FederalReserve #JeromePowell #Inflation #Hiring #InterestRates #ConsumerPriceIndex #Unemployment #BorrowingCosts #EconomicGrowth #Canada #China #Sweden #Egypt #Israel #Serbia
https://www.bloomberg.com/news/articles/2024-07-06/global-economy-fed-s-powell-testifies-as-us-inflation-hiring-cool
==========
Federal Reserve Chair Jerome Powell is expected to testify before Congress about the state of inflation and hiring in the US. Powell is likely to emphasize the need for further confirmation that inflation is slowing before the Fed considers cutting interest rates. Recent data has shown softer economic growth and higher unemployment rates, prompting some lawmakers to question the Fed's hesitation to lower borrowing costs. The consumer price index (CPI) data for June, set to be released after Powell's testimony, is expected to show a modest increase in inflation, with the core CPI rising 0.2%. The overall CPI is projected to rise 0.1% from the previous month and 3.1% from the previous year. The jobless rate has also increased, reaching its highest level since late 2021. The Fed's June policy meeting minutes revealed concerns about a further slowing in demand leading to higher unemployment. In Canada, June home sales data will be released to assess the impact of the Bank of Canada's rate cut. Other highlights include inflation data from China, Sweden, and Egypt, as well as central bank decisions in Israel and Serbia.
#FederalReserve #JeromePowell #Inflation #Hiring #InterestRates #ConsumerPriceIndex #Unemployment #BorrowingCosts #EconomicGrowth #Canada #China #Sweden #Egypt #Israel #Serbia
https://www.bloomberg.com/news/articles/2024-07-06/global-economy-fed-s-powell-testifies-as-us-inflation-hiring-cool