Inflation Plummets, Fed Eyes Rate Cut

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inflation

PBS

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Year-over-year inflation hits lowest level in three years, clearing way for Fed to begin cutting rates

Summary

Nutrition label

76% Informative

Year-over-year inflation reached its lowest level in more than three years in July .

Inflation peaked two years ago at 9.1% , the highest level in four decades .

Nearly all the increase in the monthly inflation figure reflected higher rental prices and other housing costs.

Economists widely expect the Fed ’s first rate cut to occur in September .

The Fed ’s benchmark rate is at a 23-year high of 5.3% . Still, the rise in the unemployment rate has reflected mainly an influx of job-seekers, especially new immigrants.

That is a much more positive reason for a higher unemployment rate than if it came from a jump in layoffs.

Measures of job cuts remain low.

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

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not offensive