FILE PHOTO: A customer pushes a shopping cart at a Walmart in Chicago, Illinois, U.S. November 23, 2016. REUTERS/Kamil Krzaczynski/File Photo
Federal Reserve policymakers are debating whether to cut rates given uncertainty over a U.S. trade war and tepid inflation, with markets expecting stimulus from the central bank by its July 30-31 meeting. The Federal Reserve Bank of New York’s survey of consumer expectations, which the Fed considers along with other data on U.S. price pressures, showed consumers’ one-year inflation outlook rising 0.2 percentage points to 2.7%. Three-year inflation expectations also ticked up to 2.7%. In May, the gauges had hit their lowest levels since at least 2017.
U.S. job growth rebounded strongly in June, Labor Department data showed on Friday, but wage gains remained moderate and there was still mounting evidence the economy has been losing momentum.
Pray that we’re not looking at stagflation in the coming months.
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