US Inflation Hits Third Straight Month Above Fed Target

The US inflation rate rose for the third month in a row in July, staying above the Federal Reserve's target. The main gauge used by the Fed to set interest rates increased at an elevated pace, potentially pushing the Fed closer to raising interest rates next month.

Oil prices fell for a third straight day after Iran and Oman discussed measures to temporarily reopen the Strait of Hormuz. Stock futures were weaker after inflation and durable goods data was released.

The Federal Reserve Chairman, Kevin Warsh, is heading to Jackson Hole without taking a clear stance on inflation. Meanwhile, Thailand's central bank kept interest rates steady in the face of continued uncertainty around the Middle East conflict and fresh fiscal anxiety about the US economy.