Fed Chair Jerome Powell is seeking additional evidence of slowing inflation before the Fed begins cutting its key interest rate.
FILE - James Pratt, head cashier at Phantom Fireworks in Hinsdale, N.H., helps bag a customer's order on June 28, 2024. Year-over-year inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the Federal Reserve for an interest rate cut in September.showed that consumer prices rose just 0.2% from June to July after dropping slightly the previous month for the first time in four years.
Some food prices, including for meat, fish and eggs, are increasing faster than before the pandemic. Dairy and fruit and vegetable prices, though, fell in July. When the central bank lowers its benchmark rate, over time it tends to reduce the cost of borrowing for consumers and businesses. Mortgage rates have already declined in anticipation of the Fed’s first rate reduction.
Prices are still rising sharply for some services, including auto insurance and health care. Auto insurance costs have shot up as the value of new and used vehicles has soared compared with three years ago. Economists, though, expect those costs to eventually grow more slowly.
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