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Consumer prices rise in July, but rate of inflation slows

The core Consumer Price Index (CPI), which tracks prices of goods and services excluding food and energy, rose by 0.3% in July on a month-over-month basis.

Why it matters: The reading shows a slowdown in the rate at which inflation has been growing, after a 0.9% rise in June and 0.7% in May.


  • The Federal Reserve is watching closely for signs that inflation is getting overheated, which could lead it to pull back its emergency market support sooner rather than later.
  • Economists expected a 0.4% rise.

The big picture: While inflation is still high by historical standards, Wednesday's figures show that it may have peaked, at least for the time being. Another inflation measure, the core personal consumption expenditures index (PCE), also retreated from a peak monthly growth level in its most recent reading on July 30.

Zoom in: Meanwhile, the headline CPI figure, which includes energy and food prices, showed a 0.5% monthly increase, compared to a 0.9% uptick in June.

  • On a year-over-year basis, July’s core CPI and headline CPI figures rose 4.3% and 5.4%, respectively.

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Former Defense Secretary Donald Rumsfeld dies at age 88

Former Secretary of Defense Donald Rumsfeld has died at the age of 88, his family said Wednesday.

The big picture: Rumsfeld served as defense secretary under Presidents Gerald Ford and George W. Bush.

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The high stakes of Branson and Bezos' race to space

When Jeff Bezos and Richard Branson take flight aboard the rockets their companies built, the hopes and dreams of a burgeoning industry will be flying with them as well.

Why it matters: Accidents or errors on these high-profile flights from Virgin Galactic or Blue Origin could derail their plans — and possibly affect others' plans — for commercial space tourism and travel.

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Fully vaccinated people "do not need a booster shot at this time," the FDA and CDC say

People who are fully vaccinated against the coronavirus do not need a booster shot at this time, the Food and Drug Administration and the Centers for Disease Control and Prevention said in a joint statement released Thursday evening.

The big picture: Pfizer is expected to seek authorization from the FDA to administer a third dose of the Pfizer-BioNTech vaccine after releasing initial results of a study that found that an additional shot was five to 10 times more effective at neutralizing the virus.

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Texas Democrats who fled state urge Congress to pass voting rights legislation

Dozens of Texas Democratic lawmakers held a press conference in D.C. on Tuesday to urge Congress to pass federal voting rights legislation, one day after they fled Texas to block the Republican-led legislature from passing restrictive new voting laws.

Driving the news: The lawmakers acknowledged that the gambit to prevent the Texas House from achieving quorum is only a temporary solution, noting they "are living right now on borrowed time in Texas."

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