After last week's mixed July jobs report, economists say inflation data will carry more weight. Jeffrey Roach, chief economist at LPL Financial, noted that the Federal Reserve's rate-hike path depends on how long elevated inflation persists. At Vanguard, analyst Xikelin argued that the July jobs report, along with an anticipated improvement in inflation, would boost the Fed's rationale for staying on hold until year-end. A run of recent data has also strengthened market expectations that the central bank will keep rates unchanged for the rest of the year.
Last week's mixed July jobs report has put inflation data squarely in focus, economists said. Jeffrey Roach, chief economist at LPL Financial, pointed out that the path of the Fed's rate hikes will be determined by how long inflation stays elevated.
Xikelin, a Vanguard analyst, said the July jobs report and the expected improvement in inflation data would reinforce the case for the Federal Reserve to hold rates steady through year-end. Recent economic data releases have also boosted market confidence that the Fed will not move rates this year.
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