Fed’s Goolsbee: June CPI inflation data was “surprisingly benign”

Agustin Wazne FXStreet

Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee said on Tuesday that the June Consumer Price Index (CPI) report was encouraging but cautioned against overreacting to a single month of data. Goolsbee spoke during a fireside chat at the Kenosha Area Business Alliance Business Lunch event in Wisconsin.

Key takeaways:

June CPI inflation data was “surprisingly benign.”

Policymakers should never overreact to one month of inflation data.

Several consecutive months of similar inflation readings would make Goolsbee feel more confident.

Services inflation has remained “way too high.”

The latest services inflation reading was encouraging.

Several months of Personal Consumption Expenditures (PCE) inflation resembling the June CPI report would make Goolsbee feel “a lot better.”

The US labor market is stable “without being good.”

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.37%	-0.23%	-0.18%	-0.62%	-0.81%	-1.04%	-0.67%
EUR	0.37%		0.16%	0.22%	-0.25%	-0.44%	-0.65%	-0.29%
GBP	0.23%	-0.16%		0.09%	-0.38%	-0.57%	-0.80%	-0.44%
JPY	0.18%	-0.22%	-0.09%		-0.44%	-0.66%	-0.88%	-0.52%
CAD	0.62%	0.25%	0.38%	0.44%		-0.22%	-0.41%	-0.06%
AUD	0.81%	0.44%	0.57%	0.66%	0.22%		-0.21%	0.17%
NZD	1.04%	0.65%	0.80%	0.88%	0.41%	0.21%		0.36%
CHF	0.67%	0.29%	0.44%	0.52%	0.06%	-0.17%	-0.36%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

Author

Agustin Wazne

FXStreet

Agustin Wazne joined FXStreet as a Junior News Editor, focusing on Commodities and covering Majors.

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