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The Federal Reserve released the minutes from its most recent July meeting, which showed that it will likely need to continue raising rates because inflation remains high.
Although annual inflation fell in July, the cause behind it is not completely clear. While this could indicate that the Fed’s actions are starting to cool inflation, it could also be based on lower energy costs, experts said.
"While the latest CPI report was encouraging and possibly showing a peak, inflation is being driven by energy volatility, making us skeptical the current numbers represent a trend," Mace McCain, Frost Investment Advisors' managing director and chief investment officer, said in a statement. "Given the Fed’s comments that they are data dependent, they are hoping for additional clarity on inflation and employment before their next rate hike decision."
Excerpted from Fox Business on August 19, 2022. To read to the full article, click here.
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