June headline inflation to exceed 8.6%, the annual inflation rate in May kitconews gold silver mining metals finance investing economics
Economists, analysts, and market participants are laser-focused on the Labor Department's CPI report for June which will be released on Wednesday, July 13. The advanced forecasts released have a common theme or consensus and that is that inflation will continue to run exceedingly hot. Expectations are that headline inflation which includes changes in food and energy costs rose 1.4% compared to the previous month and come in at 8.7% YoY.
CNBC also reported,"The June consumer price index on Wednesday is expected to show headline inflation, including food and energy, rising above May's 8.6% level." The Federal Reserve raised interest rates for the first time since 2018 in March. Before the first-rate hike, the fed funds rate was at ¼%. The Fed raised interest rates by 25 basis points at the March FOMC meeting, 50 basis points in May, and 75 basis points in June. It is now expected that they will raise interest rates by 75 basis points in July. The July FOMC meeting will begin on the 26th and conclude on the 27th of this month.
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