AUGUST 21, 2023 – FED’S ANNUAL JACKSON HOLE ECONOMIC SUMMIT THIS WEEK Fed Chair Powell will speak about the Fed’s intentions at the annual Jackson Hole economic conference this week. Powell is expected to give his latest opinion whether more policy tightening will be needed to bring down inflation, or if it will be reasonable for the Fed to hold …

AUGUST 12, 2023 – INFLATION RISES 3.2 PERCENT IN JULY Annual inflation for the month of July was reported at 3.2 percent, up slightly from the 3 percent reported in June. Core CPI, excluding food and energy, was up 4.7 percent, down slightly from June’s 4.8 percent. If we look at the monthly increases, both the CPI and the core …

AUGUST 7, 2023 – 185,000 NEW JOBS ADDED IN JULY The July jobs report was released last week which reported the addition of 187,000 new jobs to the US economy. The number was slightly ahead of the 185,000 new jobs reported in June. The unemployment rate fell from 3.6 percent to 3.5 percent, while average hourly wages were up 0.4 …

JULY 31, 2023 – INTEREST RATES RISE 0.25 PERCENT As anticipated, the Fed raised rates by 0.25 percent at their meeting last week, the 11th increase since March 2022. Rates are now at their highest level in 22 years. Fed officials say there could be another 0.25 percent rate increase later this year as the Fed continues to target inflation …

JULY 17, 2023 — INFLATION GROWTH SLOWS TO 3 PERCENT IN JUNE Inflation in the US rose a mere 0.2 percent for the month of  June, and was up 3 percent year-over-year, the smallest increase since March 2021. The core CPI, excluding food and energy, increased 0.2 percent for the month and 4.8 percent year-over-year. The annual rate was the …

JULY 10, 2023 — 209,000 NEW JOBS CREATED IN JUNE The US economy added 209,000 jobs in June, below expectations of 240,000 jobs, this after the 306,000 new jobs created in May. This is the lowest number of new jobs added since December 2020. The unemployment rate fell to 3.6 percent from 3.7 percent in May, while average hourly wages …

JULY 3, 2023 – KEY INFLATION FIGURE UP ONLY 0.3 PERCENT IN MAY The personal consumption index (PCE), the Fed’s key inflation measure, increased by 0.3 percent for the month of May. Headline PCE is up 3.8 percent for the year, while core PCE (excluding food and energy) is up 4.6 percent. The data indicates a slight easing of inflation …

JUNE 26, 2023 – POWELL TESTIFIES BEFORE HOUSE FINANCIAL SERVICES COMMITTEE Fed Chair Jerome Powell stated the Fed will not be lowering interest rates until inflation comes down significantly.  Further Powell told the committee that it is a “pretty good guess” the central bank will raise rates two more times this year. Inflation pressures remain high and there is a …

JUNE 20, 2023 – FED HOLDS RATES STEADY, AS INFLATION SLOWED TO 4 PERCENT IN MAY The US Bureau of Labor Statistics announced on Tuesday; just as the Fed’s policy meeting was about to convene; that US CPI rose in May by 4 percent, the lowest reading in two years, down almost 1 percent from the 4.9 percent rate experienced …

JUNE 12, 2023 – JOBLESS CLAIMS HIGHEST SINCE OCTOBER 2021 First time US jobless claims totaled 261,000 last week, up 28,000 from the week before and well above expectations for 235,000 claims.  This was the highest weekly rate since October 2021, signaling a possible softening of the labor market in the run up to the Fed’s two-day meeting tomorrow, where …