❇️U.S. consumer prices rise by 2.9% year-on-year in August.
#cpi #Global_crypto_professor ❇️The consumer price index came in at 2.9% in the 12 months to August, compared to 2.7% in July and matching economists’ expectations, according to data from the Labor Department’s Bureau of Labor Statistics.✅
❇️Airline fares, used and new vehicles, apparel all factored into the rise in the underlying index, and were partially offset by a decrease in medical car and recreation costs.
❇️Fed officials, including Chair Jerome Powell, have indicated that they are likely to prioritize the labor market’s easing over persistent inflationary pressures.
❇️U.S. job growth weakened in August, while the unemployment rate stood at an almost four-year high.
❇️President Donald Trump could force many companies to pass on higher costs to customers, with retailers such as Walmart and Target flagging that such increases have already taken effect.
❇️Expectations for a Fed rate cut next week of at least 25 basis points have been all but cemented, according to CME’s closely-monitored FedWatch Tool.