U.S. inflation rose 2.9% in July last month, versus a year ago, which fell below expectations in a result that likely paves the way for the Federal Reserve to finally begin cutting interest rates next month.
Read More U.S. Inflation Hits 2.9% In July, Opening Possibility For Fed To Start Cutting Rates
If the U.S. Federal Reserve does not start cutting interest rates relatively soon, U.S. consumers could become dispirited.
Read More US consumers could become discouraged without rate cuts, Bank of America CEO says
A sharp slowdown in the U.S. job market that touched off days of global stock-market turmoil also fueled speculation the Federal Reserve may not wait until its next scheduled meeting.
Read More The Fed has cut rates amid stock swoons before. Not this time
While maintaining interest rates at their highest point in over 20 years on Wednesday, the Federal Reserve made a suggestion that lower borrowing costs may soon be implemented by policymakers due to slight recent improvements in inflation.
Read More Federal Reserve Holds Interest Rates Steady For 2 Decades, Leaves Door Open For Cuts
Fed Governor Christopher Waller and New York Fed President John Williams both voiced that description of the shortening horizon toward looser monetary policy.
Read More Fed getting ‘closer’ to rate cuts, top officials say
U.S. retail sales were unchanged in June as a drop in receipts at auto dealerships was offset by broad strength elsewhere.
Read More US retail sales report showcases consumer, economic resilience