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Last week brought mixed inflation news in the US: July’s core CPI inflation rate cooled to 2.5% y/y, its lowest since March 2021 (chart). However, July's comparable PPI rose 4.4%. Wednesday’s release of the July 28-29 FOMC meeting minutes should provide some insights on how Fed officials were assessing the outlook for inflation before these numbers were available.
Weekly unemployment claims (Thu), industrial production (Tue), and regional business surveys round out this week’s docket of domestic economic news, with flash PMIs closing out the week on Friday. Earnings season is quiet, with Walmart and Alibaba the only notable June-quarter reports scheduled for this week. We will also get some key economic data from overseas. Here’s more:
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