Forex
US Inflation Holds Steady at 3.7% Despite Energy Price Retraction
US inflation remains steady at 3.7% in July, unchanged from June, according to the Commerce Department's Bureau of Economic Analysis.
The Personal Consumption Expenditures Price Index has been above the Federal Reserve's 2% target for 65 months consecutively.
Economists had forecast a reading of 3.6%, but PCE shot to a three-year high of 4.1% in May following President Donald Trump's air strikes against Iran, sending energy prices soaring.
The inflation wave has retreated from its mid-spring highs, but the sluggish pace of improvement is unlikely to mollify officials who argue tighter policy is needed given inflation has been above target since February 2021.