A key measure of consumer prices in July posted the biggest increase in six months, suggesting inflation is showing some upward pressure from tariffs but perhaps not enough to deter the Federal Reserve from cutting interest rates soon.

After Thursday’s report, many Wall Street economists are projecting the personal-consumption expenditures price index likely rose by about 0.3% last month. That would push 12-month core PCE inflation up to 2.9% through July, up from 2.8% a month earlier—and farther away from the Fed’s 2% target.

The housing market is juggling mixed economic signals-ranging from stubborn shelter costs to easing mortgage rates.

The Bank of England will cut interest rates by a quarter-point once more this year and then again in early 2026 as a resilient economy generates persistent inflation, according to most economists in a Reuters poll who have largely not changed their outlook in the past month.

With CPI easing but PPI spiking, Powell’s Aug. 23 Jackson Hole speech lands as markets reassess a September cut. Tariff pass-through risks and softening jobs strain the Fed’s dual mandate. Expect a market-moving signal for rates,

Christopher Waller, first nominated to his post by President Donald Trump in 2019, has become one of the most closely watched Fed officials.

The rate of Consumer Prices Index (CPI) inflation is widely expected to have increased to 3.7% in July, from the 3.6% recorded in June.