Fed Notes Inflation Has Eased Substantially But Remains Above Target

RTTNews | 147 days ago
Fed Notes Inflation Has Eased Substantially But Remains Above Target

(RTTNews) - The Federal Reserve released its semi-annual monetary policy report to Congress on Friday, noting that inflation has eased substantially over the past year but remains above the central bank's 2 percent objective.

The Fed highlighted the fact that the slowdown in inflation has occurred without a significant increase in unemployment, with the unemployment rate near historically low levels amid a relatively tight labor market.

With regard to monetary policy, the Fed reiterated that it views interest rates as likely at the peak for this tightening cycle but does not expect it will be appropriate to lower rates until it has gained greater confidence that inflation is moving sustainably toward 2 percent.

The release of monetary policy report comes ahead of Federal Reserve Chair Jerome Powell's testimony to Congress next week.

Powell is due to testify before the House Financial Services Committee next Wednesday and the Senate Banking Committee next Thursday.

The monetary policy report also said acute stress in the banking system has receded since last March but noted a few areas of risk warrant continued monitoring.

read more
U.S. Consumer Sentiment Index Dips Slightly Less Than Previously Estimated In July

U.S. Consumer Sentiment Index Dips Slightly Less Than Previously Estimated In July

The University of Michigan released revised data on Friday showing consumer sentiment in the U.S. deteriorated by slightly less than previously estimated in the month of July. The report said the consumer sentiment index for July was upwardly revised to 66.4 from the preliminary reading of 66.0. Economists had expected the reading to be unrevised.
RTTNews | 15h 22min ago
U.S. Consumer Prices Inch Up 0.1% In June, In Line With Estimates

U.S. Consumer Prices Inch Up 0.1% In June, In Line With Estimates

Consumer prices in the U.S. crept up in line with economist estimates in the month of June, according to a highly anticipated report released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.
RTTNews | 16h 19min ago
U.S. GDP Growth Accelerates More Than Expected In Q2

U.S. GDP Growth Accelerates More Than Expected In Q2

Economic growth in the U.S. accelerated by more than expected in the second quarter of 2024, according to a report released by the Commerce Department on Thursday. The report said real gross domestic product surged by 2.8 percent in the second quarter after jumping by 1.4 percent in the first quarter. Economists had expected GDP to increase by 2.0 percent.
RTTNews | 1 day ago
U.S. Durable Goods Orders Unexpectedly Plunge 6.6% In June

U.S. Durable Goods Orders Unexpectedly Plunge 6.6% In June

Reflecting a steep drop in new orders for transportation equipment, the Commerce Department released a report on Thursday unexpectedly showing a sharp decline in orders for durable goods in the month of June. The Commerce Department said durable goods orders plunged by 6.6 percent in June after inching up 0.1 percent in May. Economists had expected durable goods orders to rise by 0.3 percent.
RTTNews | 1 day ago
U.S. Weekly Jobless Claims Dip To 235,000

U.S. Weekly Jobless Claims Dip To 235,000

The Labor Department released a report on Thursday showing a modest decline by first-time claims for U.S. unemployment benefits in the week ended July 20th. The report said initial jobless claims fell to 235,000, a decrease of 10,000 from the previous week's revised level of 245,000. Economists had expected jobless claims to dip to 238,000.
RTTNews | 1 day ago
U.S. New Home Sales Unexpectedly Decrease To Seven-Month Low In June

U.S. New Home Sales Unexpectedly Decrease To Seven-Month Low In June

The Commerce Department released a report on Wednesday unexpectedly showing a continued decrease by new home sales in the U.S. in the month of June. The report said new home sales fell by 0.6 percent to an annual rate of 617,000 in June after plummeting by 14.9 percent to a revised rate of 621,000 in May.
RTTNews | 2 days ago
U.S. Existing Home Sales Plunge To Six-Month Low In June

U.S. Existing Home Sales Plunge To Six-Month Low In June

With prices reaching a new record high, the National Association of Realtors released a report on Tuesday showing existing home sales in the U.S. plunged by more than expected in the month of June. NAR said existing home sales dove by 5.4 percent to an annual rate of 3.89 million in June after falling by 0.7 percent to a rate of 4.11 million in May.
RTTNews | 3 days ago