The core index that omits energy and food costs also rose by 0.3% in June, but the annual rate ticked up to 2.8% from 2.7% and slightly above forecasts. Personal spending rose by 0.3%, below the 0.4% forecast but still suggesting consumers are willing to continue shopping.

Federal Reserve Governors Bowman and Waller dissented from this week's decision to hold interest rates steady and explained why they would've cut rates by 25-basis-points.

Federal Reserve governors Michelle Bowman and Christopher Waller favored an interest-rate cut this week because they have grown more concerned about the labor market, and thought their colleagues were being too cautious about inflation.

Adriana Kugler’s exit unfolds amid unprecedented public pressure from the White House on the central bank over monetary policy, with Trump regularly launching personal insults at Jerome Powell,

President Donald Trump claimed Friday he “most likely” will not fire Federal Reserve Chair Jerome Powell, despite persistently goading him to leave his post. Trump has publicly criticized the Fed chair for months for keeping interest rates steady despite the president’s insistence that Powell lower them.