The Federal Reserve released its July Consumer Price Index report on August 12. The Federal Open Market Committee split its vote 9-3 at its July meeting to hold rates steady at 3.5% to 3.75%, with three members already calling for a hike. Inflation currently stands at 3.5% year-over-year against the Fed’s 2% target, and economists forecast a 3.4% rate for July. The July jobs report showed a loss of 23,000 positions, adding another layer of complexity to the decision-making process. The Fed will have two major CPI releases and several jobs reports before its September meeting.
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