Most Federal Reserve officials last month still regarded high inflation as an ongoing threat that could require further interest rate increases, according to the minutes of their July 25-26 meeting.
Most investors and economists have said they believe July’s rate hike will be the last. Earlier this week, economists at Goldman Sachs projected that the Fed will actually start to cut rates by the middle of next year.
. Fed officials closely track core prices, which they believe provide a better read on underlying inflation., above the previous month’s year-over-year pace because of higher gas and food costs. Still, that is far below the peak inflation rate of 9.1% in June 2022. in the coming months. And rising costs for services, from auto insurance to restaurant meals to dental services, could keep core inflation persistently high.
Data this week suggests that the economy, if anything, is picking up, which could keep inflation sticky at its current elevated level. Consumers are still spending at a healthy pace. Alast month, fueled by rising online shopping and healthy sales at restaurants and bars, among other categories.
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