{"id":1996367,"date":"2023-08-10T08:42:02","date_gmt":"2023-08-10T12:42:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-ticked-up-to-3-2-in-july-in-setback-for-biden-and-fed\/"},"modified":"2023-08-10T08:44:25","modified_gmt":"2023-08-10T12:44:25","slug":"inflation-ticked-up-to-3-2-in-july-in-setback-for-biden-and-fed","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-ticked-up-to-3-2-in-july-in-setback-for-biden-and-fed\/","title":{"rendered":"July saw a setback for Biden and the Fed as inflation rose to 3.2%."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Finflation-ticked-up-to-3-2-in-july-in-setback-for-biden-and-fed%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1996367&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Inflation Rises\u2064 to \u20623.2%: A Promising Turnaround<\/h2>\n<p>In a surprising\u2063 twist, inflation has experienced a slight uptick, reaching\u200d a 3.2% rate for the year ending in July.\u200b This marks the first\u2064 increase \u2064after\u200c a full year of declines,\u200c according to\u200d the Bureau of Labor Statistics.\u2062 Investors had anticipated this \u2063slight rise, which\u200d aligns with expectations.<\/p>\n<h3>Mortgage Rates\u2064 Soar to 7%: \u200cA Troubling Sign for the Market<\/h3>\n<p>On a month-to-month basis, inflation remained steady at 0.2%, in line with predictions. The Federal Reserve has been\u2062 diligently raising interest rates \u200cfor\u2063 over\u200d a\u200b year,\u2064 and their efforts have \u200cproven \u200csuccessful in significantly reducing inflation since the tightening cycle began in earnest last March.<\/p>\n<p>The central bank&#8217;s target rate now stands at 5.25% to 5.50%,\u200c with the \u2063most recent rate hike occurring \u200clast month, potentially marking the final\u200c increase in the near future. However, &#8220;core \u200binflation,&#8221; \u200bwhich excludes\u200c volatile \u200cfood and energy prices, has risen to \u20634.7% for the\u2063 year ending in July.<\/p>\n<p>The impact of soaring inflation has taken a toll on\u2064 households\u200c over the past two years, eroding \u200dsupport for President Joe Biden and his economic agenda. Republicans have\u2064 seized upon rising prices as a weapon\u2064 to \u200ccriticize the administration, attributing inflation to significant spending bills like Biden&#8217;s pandemic relief legislation.<\/p>\n<p>Nevertheless, recent positive economic data has prompted the \u2063administration to \u200dshift its messaging strategy, highlighting the bright \u200bspots in the economy. The \u200cWhite House has embraced these developments as evidence\u200b of the effectiveness of &#8220;Bidenomics.&#8221;<\/p>\n<h3>Labor Market Remains Resilient<\/h3>\n<p>Contrary to expectations from \u2062just\u200d six months \u2063ago, the\u2062 labor market continues to thrive, \u2063defying fears of an entrenched recession. Although <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pete-buttigieg-predicts-more-supply-chain-problems-because-of-bidens-economic-success-heres-what-the-experts-say\/\" title=\"Pete Buttigieg Predicts More Supply Chain Problems Because Of Biden\u2019s Economic Success \u2014 Here\u2019s What The Experts Say\">job growth slowed<\/a> to 187,000 last month, it \u2062remains positive, \u200band the unemployment rate sits at \u2063a historically low level of 3.5%, matching pre-pandemic figures.<\/p>\n<p>Furthermore, second-quarter GDP growth surpassed consensus expectations, reaching an annual rate of 2.4%. This demonstrates\u2062 that the economy continues to flourish\u2064 despite the Federal Reserve&#8217;s\u200b decision to raise \u2063interest rates \u200cto their highest level in over two decades.<\/p>\n<p>Over the\u2063 past 17 months, the Fed has aggressively increased rates, at times implementing revisions three\u200d times larger than the typical increase. However, given indications of a slowing labor market\u200b and declining inflation, many economists anticipate that\u2062 last month&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-surges-to-7-percent\/\" title=\"Inflation Surges to 7 Percent\">quarter-point hike<\/a> will be the final one this \u2063year.<\/p>\n<p>During\u2062 a recent press conference, Fed\u200b Chairman Jerome Powell revealed that central bank staff no longer anticipate a\u200c recession, further \u2062reinforcing the belief that the Fed can achieve a coveted &#8220;soft\u2063 landing.&#8221; This announcement holds significant weight, as just months ago, it was revealed that\u200d Fed staff had projected a mild\u200b recession for this year.<\/p>\n<p>Despite\u200d the overall resilience of the economy in \u2064the\u200d face of\u2064 rate revisions, \u200dconsumers have felt the impact through rising mortgage rates. This has \u200c<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-ticked-up-to-3-2-in-july-in-setback-for-biden-and-fed\/\" title=\"July saw a setback for Biden and the Fed as inflation rose to 3.2%.\">made\u200b housing increasingly unaffordable<\/a> and has hindered the previously thriving \u2063housing market. Mortgage rates have\u2062 now surpassed 7%, reaching \u2064their highest point since November\u200d and\u2063 a far cry from the sub-3% rates that consumers secured during\u2063 the \u200bpeak of the pandemic.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\">CLICK HERE TO READ MORE FROM THE WASHINGTON \u2062EXAMINER<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inflation increased to 3.2% for the year ending in July, marking the first rise after a year of declines, according to the Bureau of Labor Statistics. This update to the consumer price index was in line with investors&#8217; expectations. Troublingly, mortgage rates have surpassed 7%, reaching their highest level since November.<\/p>\n","protected":false},"author":1,"featured_media":1996368,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1996367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1996367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1996367"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1996367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1996368"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1996367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1996367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1996367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}