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Nick Timiraos, chief economics correspondent at Wall Street Journal, reports that economists expect last month’s decline in energy prices will pull down headline CPI for June.
He notes that the Federal Reserve is placing greater emphasis on the core CPI, which is anticipated to be close to May’s 0.21 percent increase. Attention is expected to shift to the PPI release and its implications for the PCE in upcoming reports.
Timiraos previously reported the Federal Reserve's shift from discussions of rate cuts to considering a possible hike at Kevin Warsh's first meeting as chair, as detailed here. In another recent piece, he noted that Fed vice chair Michelle Bowman attended a private Bank of America client dinner in New York after a key policy decision, according to this report. Both events offer further context around recent Fed communications and policymaker activity.