U.S. inflation likely reached a new 40-year high in June, driven up by a spike in gas costs, more expensive food and rent, and pricier cars and hotel rooms
A government report Wednesday is expected to show that consumer prices soared 8.8% in June compared with a year earlier, according to data provide FactSet. That would beInflation at that level would make it highly likely the Federal Reserve will implement another large interest rate increase at its next meeting in two weeks. Higher rates are intended to cool consumer and business spending and slow the economy and inflation.
Still, rising prices have caused a steep decline in consumers' confidence in the economy, dragged down President Joe Biden's approval ratings and present major political risks for congressional Democrats this fall. Forty percent of U.S.
Powell has emphasized that the central bank wants to see “compelling evidence” that inflation is slowing before dialing back its rate hikes. Such evidence would need to be a “series of declining monthly inflation readings,” he said at a press conference last month. The Fed would like to see weaker growth, which should help bring down inflation. Healthy job gains in June point to an economy that isInflation is likely to slow later this year, but it's not clear by how much. Oil prices fell Tuesday to about $96 a barrel and other commodities, including metals such as copper, have also gotten cheaper, mostly because of recession fears in the U.S. and Europe.
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