SALT LAKE CITY — Declines in U.S. annual inflation rates had been on a 12-month streak since hitting 9.1% last June, stepping down to 3.0% in the same month this year before inching up to 3.2% in July, according to aBut most economists remain optimistic that overall price trends for consumer goods and services, coupled with other economic indicators, are showing positive signs of improvement for the U.S. economy.
The core inflation index, a metric closely watched by the Federal Reserve and one that strips out volatile food and energy prices, came in at an annual rate of 4.7% in July, down from June's 4.8%. The Fed has levied 11 rate hikes going back to March 2022 including a .25% bump to its benchmark rate following the monetary body's most recent meeting in late July.
There are a lot of fundamental strengths in the Utah economy that are showing up in multiple data points. "I will also say, between now and the September meeting, we get two more job reports, two more CPI reports, I think we have an report coming later this week ... lots of data on economic activity, all of that information is going to inform our decision as we go into that meeting," Powell said. "I would say it is certainly possible that we would raise funds again at the September meeting if the data warrants it.