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Fed braces as another big inflation number looms
By Vince Golle
Bloomberg News
Sunday, July 10, 2022
U.S. inflation data in the coming week may stiffen the resolve of Federal Reserve policy makers to proceed with another big boost in interest rates later this month.
The closely watched consumer price index probably rose nearly 9% in June from a year earlier, a fresh four-decade high, based on the median projection of economists in a Bloomberg survey. Compared with May, the CPI is seen rising 1.1%, marking the third month in four with an increase of at least 1%.
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While persistently high and broad-based inflation is seen persuading Fed officials to raise their benchmark rate 75 basis points for a second consecutive meeting on July 27, recession concerns are mounting. There are signs, though, that price pressures at the producer level are stabilizing as commodities costs -- including energy -- retreat.
Even so, the inflation data are likely to draw heightened scrutiny globally after a faster-than-consensus result for May caused ructions in financial markets. ...
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