JUST IN: 🇺🇸 White House official says President Trump is likely to fire Fed Chair Jerome Powell. https://t.co/GgM2CGVyo6 ...

JPMorgan Chase CEO Jamie Dimon said Tuesday that the independence of the Federal Reserve remains critically important, after President Donald Trump has spent months attacking Fed Chair Jerome Powell. https://t.co/REfUKLzjV2 ...

Joining us now on the markets and prospects for earnings season, Marta Norton, chief investment strategist at Empower at Good to see you. Thanks on set with us. You have I guess been looking forward to corporate earnings because you think they could be okay and surprise maybe on the upside although tariff concerns remain given the number yesterday that you saw for the CPI when we got it.was to be honest, we we were kind of mixed. It didn't look as bad as as the worst case scenarios, but there looked like so ...

Kevin Hassett, one of President Donald Trump’s longest-serving economic aides, is the early frontrunner to replace Jerome Powell as Federal Reserve chief next year https://t.co/fzrluOYacb ...

🇺🇸 NEW: President Trump says he likes the job the Treasury Secretary Bessent is doing when asked if he’s an option to replace Fed Chair Powell. https://t.co/SVJrLmrPEf ...

Leadership Change - The market is reacting to the news that Trump is seriously considering replacing Fed Chair Jerome Powell with Treasury Secretary Scott Bessent [1]

Bessent Says ‘Formal Process’ Underway To Find Fed Chair Powell’s Successor, Report Says https://t.co/EsGGmSXc5F ...

🇺🇸 JUST IN: US Treasury Secretary says Trump won’t fire Fed Chair Powell but confirms the process to pick his successor is already underway. https://t.co/8IhaMpuOpx ...

JPMorgan CEO Jamie Dimon sounded Wall Street’s clearest warning against the Trump administration’s attacks on Federal Reserve Chairman Jerome Powell https://t.co/PGUhYkHico ...

Inflation Trends & CPI Analysis - The Consumer Price Index (CPI) increased by 03% month-over-month, aligning with estimates, while core CPI (excluding food and energy) rose by 02%, slightly below expectations [1] - Year-over-year, consumer inflation increased by 27%, and core inflation rose by 29% [1][2] - Inflation is heating up slightly compared to the previous month, where both headline and core inflation increased by only 01% [2] - Core CPI has been consistently lower than estimated for the fifth consecutive month [3] Tariff Impact & Business Strategies - Initial data suggests that tariff increases are contributing less than a third to the monthly CPI increase, with some pressure emerging in categories first exposed to tariffs [7] - Businesses are employing various strategies, including inventory management, alternative sourcing, cost spreading, and margin adjustments, to buffer the impact of tariffs and avoid passing costs directly to consumers [9] - Apparel prices rose by 04%, footwear increased by 07%, and furniture/furnishings prices also saw a rise [8][31] - The effective tariff rate in June was only 10%, while the average tariff rate was around 15%, indicating that the full impact of tariffs has yet to materialize [14] Federal Reserve & Monetary Policy - The Federal Reserve faces a challenging decision regarding interest rate cuts, amidst pressure from the White House and the need to maintain its 2% inflation target [4][17] - The current federal funds rate is considered moderately restrictive, putting downward pressure on demand [18] - There is a risk that prolonged elevated inflation could become ingrained in people's expectations, potentially settling around 3% [20] - The Fed is closely monitoring core services inflation, which has been stubbornly slow to decline, to ensure momentum towards the 2% target [21][25] - The FOMC is divided on future rate cuts, with varying opinions on the number of cuts in 2025 [29] Specific Price Changes - Beef prices saw a significant increase of 2%, while egg prices decreased by 74% [32][33] - New vehicle prices dropped by 03%, and used cars/trucks decreased by 07% [34] - Shelter costs moderated, increasing by 02% compared to May's 03% rise [35] - The energy index rose by 09% in June, with the gas index increasing by 1% [36]