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Key inflation measure grew slower than expected in June

The price of goods and services rose 0.4% in June, slowerthan the 0.5% growth during May, according to the core personal consumption expenditures (PCE) price index released Friday morning. The June reading was lower than the consensus expectation for 0.6% growth.

Why it matters: The core PCE is the inflation measure the Federal Reserve watches most closely. June's reading is the second month in a row of decelerated price growth, giving the Fed breathing room to design a pullback strategy from its emergency market support.


On an annual basis, the core PCE reading grew 3.5% as of June, compared to 3.7% expectations and 3.4% a month ago.

The big picture: Fed chair Jerome Powell acknowledged the continuing inflation at a Wednesday press conference, but said he still views much of it as transitory and a result of bumps in the road from reopening the economy.

  • Powell said earlier this month that if inflation starts running too hot, the Fed would consider taking action.
  • The central bank's latest forecast for full-year 2021 core PCE inflation is 3.0%.

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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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AOC urges U.S. Anti-Doping Agency to end Sha'Carri Richardson's suspension

Reps. Alexandria Ocasio-Cortez (D-N.Y.) and Jamie Raskin (D-Md.) sent a letter to the U.S. Anti-Doping Agency encouraging the group to rethink sprinter Sha'Carri Richardson's one-month suspension for recreational marijuana use.

What they're saying: "We urge you to reconsider the policies that led to this and other suspensions for recreational marijuana use, and to reconsider Ms. Richardson’s suspension. Please strike a blow for civil liberties and civil rights by reversing this course you are on," Ocasio-Cortez and Raskin said.

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Biden: "We can't wait any longer to deal with climate crisis"

President Biden urged immediate actions on climate change on Wednesday, saying "[w]e can't wait any longer to deal with climate crisis" during an event promoting his Build Back Better agenda

Driving the news: The U.S. is currently facing an extreme heat wave and heavy wildfires in the West, a deadly drought and the the earliest fifth-named Atlantic tropical storm on record currently going through the Southeast.

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