As widely expected, the Federal Reserve left the overnight Fed Funds interest rate unchanged at its June meeting. While the pause in rate hikes was expected, the Fed indicated that it was likely to raise rates two more times this year- a fairly dramatic change from the last two projections given in December of 2022 and March 2023.
Apparently, the Fed is unimpressed with the progress that has been made on inflation.
🚗 Month-over-month, the Consumer Price Index (CPI) was driven up sharply by used cars and trucks, but that was offset by steep declines in energy prices.
↘ The Producer Price Index (PPI) also brought good news, falling -0.3% m/m, the fourth decline in six months.
There's more about the retail report, gasoline sales and inflation in my latest North Report.
To read Dan's full report, click on the link below and download the PDF
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