![]() The dollar fell against a basket of currencies. Stocks on Wall Street were trading higher. The moderation in price pressures was also acknowledged in the Fed's Beige Book report on Wednesday, which found "contacts in some districts noted reluctance to raise prices because consumers had grown more sensitive to prices, while others reported that solid demand allowed firms to maintain margins." central bank has signaled two rate hikes this year, including the one expected this month. It also bolstered the argument against further rate hikes. Still, retreating inflation raised cautious optimism that the economy could avoid a much-anticipated recession. Though employment gains were the smallest in 2-1/2 years in June, the unemployment rate fell close to historically low levels and wage growth was strong. Nevertheless, inflation remains well above the Fed's 2% target, with the labor market still tight. ![]() ![]() President Joe Biden said the inflation and wages data were evidence that his economic policy, dubbed by economists as "Bidenomics" was delivering results and vowed to "continue to fight for lower costs for families every day." ![]()
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