“The Fed’s statements and projections were very hawkish but Powell’s emphasis was somewhat optimistic regarding their inflation fight and did not commit to a July rate hike,” Moya said.
In U.S. economic data on Wednesday (6/14), the producer price index fell 0.3 percent in May, a larger decline than expected, marking the third decline in the past four months, according to data released by the U.S. Bureau of Labor Statistics on Wednesday (6/14). Meanwhile, the inflation path indicator rose 1.1 percent on an annualized basis in May, down from the 2.3 percent increase recorded in April.
Read more: OECD: G20 Countries’ GDP Grows 0.9 Percent in First Quarter of 2023
