Wu Blockchain’s weekly macro roundup said last week’s U.S. inflation readings came in below expectations, while the Federal Reserve’s July monetary policy report raised the median year-end rate projection to 3.8%. According to the digest, U.S. June CPI rose 3.5% year over year, below the 3.8% market forecast, and core CPI, excluding food and energy, increased 2.6%, also below the expected 2.8%. June PPI came in at 5.5%, versus a 6.2% forecast, with the prior reading revised from 6.50% to 6%.
The report also highlighted labor data. Initial jobless claims for the week ended July 11 were 208,000, the lowest level since the week of May 2, 2026. The Fed’s Beige Book described the U.S. economy as expanding modestly, with improving employment conditions but persistent price pressure.
For this week, Wu Blockchain listed the European Central Bank deposit facility rate decision on July 23, U.S. initial jobless claims for the week ended July 18, and second-quarter earnings from Google, Intel, and Tesla after the U.S. market close. It also noted that AMD’s Advancing AI conference is scheduled for July 22-23 in San Francisco.
Wu Blockchain’s weekly macro digest said U.S. CPI and PPI data both came in below market expectations last week, while the market’s attention this week turns to the European Central Bank rate decision and earnings from Tesla, Google and other companies.
Last week’s U.S. inflation and labor data
U.S. CPI for June rose 3.5% year over year, below the market expectation of 3.8%. Core CPI, which excludes food and energy prices, increased 2.6% from a year earlier, also below the 2.8% consensus forecast.
U.S. June PPI stood at 5.5%, compared with an expected 6.2%. The previous reading was revised from 6.50% to 6%.
On the labor side, initial jobless claims in the United States for the week ended July 11 came in at 208,000, the lowest level since the week of May 2, 2026.
Latest signals from the Federal Reserve
The Federal Reserve’s Beige Book said the U.S. economy expanded modestly, with employment improving but price pressure still present.
The Fed’s July monetary policy report said inflation had picked up again and lifted the median year-end rate projection to 3.8%.
Key events and data for this week
Wu Blockchain listed several events to watch on July 23:
- the eurozone’s European Central Bank deposit facility rate, scheduled for 20:15;
- U.S. initial jobless claims for the week ended July 18, scheduled for 20:30;
- second-quarter earnings from Google, Intel and Tesla after the U.S. stock market close.
The digest also said AMD’s Advancing AI conference will be held in San Francisco on July 22-23, making it another item on the market calendar this week.
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