The August inflation data out Tuesday morning is expected to show that consumer prices slowed in August, but that likely won't be enough to mollify the Federal Reserve.
UBS managing director and senior portfolio manager Jason Katz provides insight on the market's response to the Fed on 'Making Money.'
Economists expect the gauge, which measures a basket of goods, including gasoline, health care, groceries and rent, to show that prices surged 8.0% in August from the previous year — down from the 8.5% reading in July and a marked decline from the 40-year high of 9.1% notched in June. On a monthly basis,Still, the report is expected to show underlying momentum in inflation: core prices, which exclude the more volatile measurements of food and energy, are expected to climb 6.
Since early spring, however, the Russian war in Ukraine has further exacerbated the inflation crisis by elevating food and energy prices. Oil and gasoline prices have declined sharply over the summer, although economists have cautioned the situation remains uncertain due to the ongoing conflict in Europe., which is tightening monetary policy at the fastest rate in decades as it tries to cool consumer demand and reduce out-of-control inflation.
"While the lower inflation readings for July are welcome, a single month’s improvement falls far short of what the Committee will need to see before we are confident that inflation is moving down," Powell said.
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