US President
Donald Trump lashed out at the Federal Reserve on Wednesday after fresh data showed US producer prices unexpectedly fell in August, sharpening his demand for an immediate rate cut.
In a post on his Truth Social, Trump posted “Just out: No Inflation!!! ‘Too Late’ must lower the RATE, BIG, right now. Powell is a total disaster, who doesn’t have a clue!!! President DJT”
The remarks came hours after the Labor Department reported that the producer price index — which tracks wholesale inflation before it reaches consumers — slipped 0.1% in August, against forecasts for an increase. Compared with a year earlier, producer prices were up 2.6%.
The decline in wholesale prices has fuelled expectations that the Fed could cut its benchmark interest rate next week for the first time this year. Economists are also watching Thursday’s consumer price index release, expected to show a 0.3% rise in August, up from 0.2% in July.
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US inflation watch: Producer prices dip 0.1% in August; weaker-than-expected data hints at tariff impactTrump has repeatedly criticised Fed Chair Jerome Powell, accusing him of keeping borrowing costs too high.
On Tuesday, the Labor Department revised down US job growth, reporting that employers had added 911,000 fewer jobs in the year through March than previously estimated.
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Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
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