CPI inflation is off its peak, but the July reading of 8.5% year-on-year was still near 40-year highs and well above the Fed's target of 2%.
What’s happeningWhat’s driving markets Yields on U.S government bonds moved lower ahead of crucial consumer and factory prices data in coming days that may determine at what pace the Federal Reserve continues to hike interest rates when it meets next week.What’s happening What’s driving markets Yields on U.
“This week’s focus will be on the August CPI data, although we do not think the results will stop the FOMC from raising rates by 75 basis points next week,” Farooqi added. But core inflation will remain stubbornly high around 6%, meaning the Fed will remain vigilant, reckoned Mark Hamrick, senior economic analyst at Bankrate.
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