Chicago Fed President Goolsbee is hesitant to lower interest rates due to mixed inflation data and tariff uncertainty. He wants more convincing data before the FOMC meeting in September. Reports show consumer prices in line with forecasts, but producer prices unexpectedly high, possibly due to tariffs slowly impacting inflation.

Economists are closely watching inflation data for signs of tariff impact. While recent reports didn’t show obvious impacts, many believe import duties imposed by Trump will affect data in the coming months. Goolsbee emphasizes the importance of economic outlook and data clarity, suggesting rate adjustments based on strong economy and inflation trends.

Market expects FOMC to lower benchmark rate in September, with additional cuts possible in October and December. CME Group’s FedWatch shows a 55% probability of another reduction in October and 43% chance of a third cut in December. Goolsbee stresses the importance of data clarity in making rate decisions.

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1. Apple announces new iPhone 13 models with improved cameras, longer battery life, and faster performance. Prices start at $699 for the mini version and $999 for the pro model. Pre-orders begin on Friday.

2. Pfizer requests FDA approval for Covid-19 vaccine booster shot for individuals 16 and older. The company cites data showing increased effectiveness against the Delta variant. Decision expected in the coming weeks.

3. US jobless claims fall to lowest level since the start of the pandemic, with 310,000 new claims filed last week. Economists attribute the drop to increased vaccination rates and reopening of businesses. Unemployment rate currently at 5.2%.

4. Amazon faces backlash over reports of excessive waste and destruction of unsold goods. Investigations reveal millions of products being disposed of each year, raising concerns about environmental impact. Company pledges to address issue.: Goolsbee sees ‘note of unease’ as Fed looks to next interest rate move