The annual inflation rate has not been below 3 percent since March 2021, economists look to Federal Reserve’s next interest rate meeting.
President Biden’s administration recently released two economic reports, documenting a 0.2 percent increase in monthly consumer prices and a 0.2 percent higher unemployment rate than originally estimated for July.
U.S. economists are most interested in how the Federal Reserve will adjust its interest rates in light of these numbers. Borrowing rates are still between 5.25 percent and 5.5 percent. The Federal Reserve will have its next quarterly interest rate meeting in September. This will be its last meeting before the presidential election in November.
Federal Reserve Chair Jerome Powell has maintained that the central bank does not make decisions based on politics.
As the Lord Leads, Pray with Us…
- For discernment for Fed Chair Powell and members of the central bank as they prepare for their September meeting.
- For God’s will to be accomplished in the U.S. election this November.
- For American voters to turn toward the Lord for wisdom and guidance as they assess federal, state, and local candidates.
Sources: The Hill, USA Today
