Core inflation, which excludes volatile food and energy prices but also places more weight on housing services prices, was a bit lower. According to the BEA, core PCEPI grew 3.1 percent in June, up from 2.6 percent in the preceding month. It has averaged 2.6 percent over the last three months and 2.8 percent over the last year.

The Personal Consumption Expenditures, the Federal Reserve's preferred inflation gauge, ticked higher in June.

Wall Street kicked off August with a massive sell-off after weak job numbers and fresh tariffs from President Donald Trump rattled investor confidence. According to data from CNBC, the Dow Jones Industrial Average fell by 640 points,

A bubbling movement to overhaul the Fed is ready to seize the moment. Big changes are in store for the central bank.

The Fed kept rates at 4.25% to 4.5% despite President Donald Trump’s push for cuts and rising inflation from tariffs.