- Federal Reserve to meet on Wednesday as interest rate decision looms
- Inflation in the US was at 3% in June, as Fed bids to cut rate to 2%
- Initial unemployment claims fell by 9,000 in week ending 15 July, to 228,000
- June jobs report showed that US added 209,000 jobs last month
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"In relation to goods, it's really an indication that supply chains and shortages are easing. I don't think we are targeting wage inflation - what we are looking for is a broad cooling in the labor market conditions, and that's what we are seeing. Wages have actually been gradually moving down, they are still at levels what would be consistent over a long period of time with 2% inflation. Nonetheless, we're making progress there and by so many indicators, labot market demand is cooling - you can look at surveys by workers and businesses who see that, you can look at the quits rate normalizing, you can look at jobs openings coming down... job creation is still at a high level but it was at an extraordinary high level for most of the last two years. So you see cooling, particularly in the private sector in the last report. It's happening at a gradual pace, that's not a bad thing in a...
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