该机构周三公布了8月份的消费者价格指数(CPI)。数据显示，8月份整体CPI上涨了0.2%，同比上涨了2.5%。核心CPI通胀略高于预期，8月份环比上涨了0.3%，同比上涨了3.2%，主要是由于住房通胀反弹所致。The Federal Reserve is expected to announce a 25 basis point interest rate cut based on producer inflation data at its meeting next week.
The Federal Reserve is expected to announce a 25 basis point interest rate cut based on producer inflation data at its meeting next week. Despite the forecast of faster growth in wholesale prices in August compared to July, overall inflationary pressures remain moderate.
The US Bureau of Labor Statistics will release the Producer Price Index (PPI) for August on Thursday evening Beijing time. Economists predict that PPI will increase by 0.2% on a monthly basis in August, higher than the 0.1% in July. However, the year-on-year growth rate of PPI is expected to slow down from 2.2% last month to 1.8%. Core PPI (excluding food and energy prices) is also expected to rise by 0.2% in August, the same as in July. The year-on-year growth rate of core PPI is expected to remain at 2.4%.
The institution released the Consumer Price Index (CPI) for August on Wednesday. The data shows that overall CPI rose by 0.2% in August and increased by 2.5% year-on-year. Core CPI inflation was slightly higher than expected, rising by 0.3% on a monthly basis in August and increasing by 3.2% year-on-year, mainly due to a rebound in housing inflation.
The Producer Price Index measures the prices of goods and services at the wholesale level in the United States, ranging from raw materials to finished products. It usually leads the Consumer Price Index, as producers often pass on cost increases to consumers.
The Federal Reserve's annual inflation target is 2%, based on the Personal Consumption Expenditures Price Index (PCE). The PCE price index combines elements of the CPI and PPI and is typically between the two. PCE data for August will be released on September 27.
Economists typically pay special attention to several important components in the PPI basket, which directly affect the PCE price index, including financial services, airfare, and medical services.
Since the outbreak of the new crown epidemic, the volatility of producer price inflation is greater than that of consumer inflation. In March 2022, the year-on-year growth rate of the PPI reached a peak of 11.6% after the epidemic, and by the end of 2023, it had dropped to below 1%, followed by a slight rebound this year.
The interest rate futures market data as of Wednesday shows that at the September 17-18 meeting of the Federal Reserve, the market predicted a probability of more than 85% for a 25 basis point rate cut. Since July 2023, the Federal Reserve has kept the federal funds rate target range between 5.25% and 5.5%.