Economists predict a 3% inflation rise for July, leaving the rate unchanged from June, but well below the peak of over 9% seen earlier this year.
The Federal Reserve's high interest rates over the last year aim to control inflation and stave off economic overheating, but they also risk a recession.
The market's reaction to the weaker jobs report reflects heightened concerns about whether the U.S. can achieve a 'soft landing' without entering a recession.
As inflation cools, market sentiment suggests a near-certain rate cut by the Fed, with opinions divided on whether it will be a quarter-point or half-point decrease.
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