July 14th Weekly Economic Update

Inflation cooled last month to its slowest pace in more than two years, beating it’s consensus estimate, giving Americans relief from a painful period of rising prices and boosting the chances that the Federal Reserve will stop raising interest rates after an expected increase this month. The Consumer Price Index climbed 3% in June from a year earlier which is sharply lower than the recent peak inflation rate of 9.1% that we saw in June 2022, when we experienced record high $5/gallon gas prices. This news has been a major driver in the market, and we have seen the S&P 500, Dow Jones, and Nasdaq all climb higher this past week. This week is important for the markets as many companies are reporting their Q2 earnings.