U.S. inflation in July offered a split verdict for policymakers, with cooling headline prices but hotter core readings, fueling market bets on a September Fed rate cut and prompting President Donald Trump to publicly pressure Jerome Powell once again.
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The Consumer Price Index held steady at 2.7% year-over-year, missing forecasts for a slight uptick, but core inflation — excluding food and energy — accelerated to 3.1% from 2.9%, topping expectations.
Trump Renews Pressure On Powell
Following the report, Trump renewed public pressure on the Federal Reserve to cut interest rates.
“Jerome ‘Too Late’ Powell must NOW lower the rate… The damage he has done by always being Too Late is incalculable,” he said on Truth Social.
Trump also accused Powell of mismanaging the construction of Fed buildings, saying he is “considering allowing a major lawsuit… because of the horrible, and grossly incompetent, job he has done… Three Billion Dollars for a job that should have been a $50 Million Dollar fix up.”
Defending his trade policies, Trump claimed …