Mr. Miran, who still must be confirmed by the Senate, will join a group of #FederalReserve officials who have started to splinter over the right time to restart interest rate cuts that were paused in December. 2 policymakers, previously appointed by #Trump, have already called for the Fed to cut #InterestRates.

A vacancy unexpectedly opened up at the start of the month when Adriana Kugler, a governor, announced that she was leaving before her term was set to expire at the end of January. #Trump tapped a longstanding critic of the #FederalReserve, Stephen Miran, who most recently served as chair of Trump’s Council of Economic Advisers.

That approach has attracted significant criticism from #Trump, who has taken to directly insulting #JeromePowell, the chair of the #FederalReserve, as well as the powerful Board of Governors that he heads.

Trump last week announced that he would install a temporary governor to join the board, which votes on #InterestRates at every policy meeting.

But July data showed more businesses reaching a tipping point, left with little option but to raise #prices following June’s notable uptick. The biggest impact has been concentrated in categories such as furniture, appliances & other household wares, as well as recreation goods & footwear.

Car price increases have stayed relatively subdued as carmakers have shielded their customers from #Trump’s #tariffs rather than forcing them to bear the brunt of the higher #costs.

#Trump’s more punishing #tariffs on individual countries went into effect on Aug. 7 so will not be reflected in the July data.

Businesses have managed to avoid passing along price increases because of a strategy earlier in the year to stockpile goods that were likely to be subject to Trump’s levies. Many companies have also sought to absorb the #costs themselves in order to avoid driving away customers, some of whom are increasingly under financial strain.

The July data, which was released by #BLS, provides a clear sign that businesses are more readily passing along #tariff-related #costs to the #consumer after a prolonged period in which price gains were muted.

US companies that import products have largely been able to hold off on raising prices despite a universal 10% tariff that has been in place on all imports since April, along with higher levies on steel, aluminum & products from China & Canada.

Aww.... Who needs high quality inflation data anyway? (Hint: *All* of us.)
https://www.nytimes.com/2025/07/30/business/bls-data-collection-cuts-cpi.html?unlocked_article_code=1.aU8.u6e_.cBohA-7A_n1Q&smid=bs-share
#USeconomy #economics #economy #inflation #CPI #BLS

Goldman Sachs is forecasting monthly core #CPI #inflation increases of between 0.3%-0.4% over the next few months, reflecting tariff-related increases in the prices of consumer electronics, autos & apparel. The investment bank expects limited near-term impact on core services inflation.