Former President Donald Trump’s comments on his economic plans came at the same time as the release of a new batch of inflation data from the Labor Department.
According to this data, inflation rose slightly for July as the consumer price index hit 2.9% for a year-over-year rate. This fell in line with what some economists were expecting – and delivered some good news for the economy.
That 2.9% annual rate is the lowest since March of 2021 when the rate was at 2.6%. Similar findings were reported for the core CPI, which removes more volatile measurements like gas and food prices from its date set.
But overall, this data is putting some pressure on the Federal Reserve to lower rates sooner than expected. The Fed has held its interest rates steady for the year as it waits for inflation to hit the 2% mark.
This data is still off that goal – but it has economic strategists convinced that it will sway the Fed’s decision-making in their next meeting. Still, it seems as though Biden is taking a victory lap with the news.