Experts predict inflation election trouble for Biden: 'Too late' to fix
What is the current rate of inflation according to the Department of Labor statistics, and how does it compare to the rate in June 2022?
The current rate of inflation according to the Department of Labor statistics is 3.3% year over year. This is a decrease from the near-record high of 9.1% in June 2022. However, it is still higher than at any point in the last decade prior to Biden taking office.
What decision did the Federal Reserve make regarding the federal funds rate range in their recent announcement?
The Federal Reserve decided to maintain the federal funds rate range at 5.25% to 5.5% in their recent announcement. This decision was expected as inflation rose less than predicted for the 12 months ending in May, and the core Consumer Price Index rose by a better-than-expected 3.4%.
How did Fed Chair Jerome Powell interpret the latest inflation report in terms of moving toward the Fed's 2% inflation target?
Fed Chair Jerome Powell considered the latest inflation report as "encouraging" and saw it as a good sign that inflation is moving toward the Fed's 2% target. The report showed that inflation rose less than predicted for the 12 months ending in May, and the core Consumer Price Index rose a better than expected 3.4%. However, Powell also mentioned that more evidence is needed before the central bank begins easing policy.