Prices rose just 0.1% from May to June, with core inflation up 0.2% over the same period. Fed Chair Powell is confident inflation will reach the bank's target of 2%.
Consumer spending and incomes increased in June, while inflation remains at a manageable level. The economy may be experiencing a 'soft landing' amid Fed efforts to control inflation.
"A two-word summary of the report is, 'good enough,'" says economist Robert Frick. Spending, income, and inflation levels are adequate, setting the stage for potential Fed rate cuts.
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