As the Fed prepares for its two-day policy meeting on July 26 and July 27, there may be a few breaks in the cloudy economic picture for our central bankers.
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Amid the backdrop of war in Ukraine and Western sanctions on Russia, Federal Reserve officials are trying to lift short-term interest rates from the emergency levels that have been in place for two years.
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If you feel like things are more expensive, you are right. Despite a slightly weaker than expected inflation report in April, this year, prices have accelerated faster than Fed officials anticipated just a few months ago. Last week we learned that headline inflation increased to a 14-month high of 2.5 percent from a year ago in April, due in large part to rising gas prices. Excluding food and energy the core rate increased by 2.1 percent.
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