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The International Monetary Fund cut its growth projections for the US economy this year from 2.9% to 2.3%, and raised its unemployment-rate estimates through 2025, warning that a broad-based surge in inflation poses "systemic risks" to both the country and the global economy. The prediction comes in the wake of the June 30 release of Commerce Department data which showed a lower consumer spending.

Federal Reserve Bank of Richmond President Thomas Barkin kept his options open on how big the central bank should go when it raises interest rates later this month, following an increase of 75 basis points in June. "We want to get back to somewhere in the range of neutral as expeditiously as we can without inadvertently causing damage we don't want to cause," Barkin said.

Oil production from the Organization of the Petroleum Exporting Countries continued to lag behind targets in June, raising fresh concerns about whether the cartel is capable of easing the worst supply crisis in decades. Output from the 10 OPEC members rose to 24.81 million barrels a day in June, behind its agreed-upon quota of 25.87 million barrels a day.

The US will consume less gasoline from July through October than previously thought as pump prices remain historically high. The country's gasoline demand is now expected to reach 9.07 million barrels per day in July, down 2.2% from the June forecast and 4.8% from the amount consumed in July 2019, according to the latest forecast from the Energy Information Administration.