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The new projections and the Fed's latest policy statement will be released at 2 p.m. EDT (1800 GMT). Fed Chair Jerome Powell is scheduled to hold a press conference half an hour later. With inflation slowing, that would allow interest rates to decline also. The last set of projections envisioned that the Fed's policy rate would fall by a percentage point in 2024, and by 1.2 percentage points in 2025 to end that year in the 3.25%-3.50% range. It hasn't happened so far, with economic growth through the first half of the year above the 1.8% rate that Fed officials view as the economy's non-inflationary trend, and continuing that way through the third quarter.

Persons: Matthew Luzzetti, Jerome Powell, Powell, Joseph Davis, Davis, Howard Schneider, Paul Simao Organizations: Federal Reserve, Deutsche Bank, Reuters Graphics Reuters, Commerce, Vanguard, Thomson Locations: WASHINGTON

☆ How the Fed’s new instant money program could lead to another regional banking crisis
▼ + stars: | 2023-07-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Sure, you can currently Venmo or Zelle your friends instantly, but the banking system hasn’t kept up. Most transfers currently run on old systems that take hours, or even days, to process the money. Kevin Jacques: It’s a network that lets banks transfer money between themselves and between the account holders at the different banks in a near-instant way. The increase in average hourly earnings remained at 0.4% month on month, unchanged from May; and is up about 4.4% from last year. Instagram has more than two billion users, far more than the 238 million users Twitter reported having in the months before Musk took over.

Persons: New York CNN — FedNow, hasn’t, Bell, Kevin Jacques, It’s, You’ve, heartened, Payrolls, Job, Rucha Vankudre, Alicia Wallace, “, We’re, ”, Joseph Davis, Jerome Powell, Candice Tse, Elon Musk, Mark Zuckerberg, Zuckerberg, Musk, Brian Fung, Instagram Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Cota Capital, Fed, There’s UPI, Silicon Valley Bank, ”, Vanguard, Goldman Sachs Asset Management, Meta, Twitter Locations: New York, India, Brazil, Silicon

☆ Why the Fed is still likely to raise rates after cooler June jobs data
▼ + stars: | 2023-07-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

But beneath the surface, the jobs market remains hot. What’s next: The June Consumer Price Index report, a key inflation reading, is due on Wednesday. The Producer Price Index report for June is due on Thursday. Wednesday: Consumer Price Index report and housing starts for June. Thursday: Producer Price Index report for June.

Persons: ”, Joseph Davis, What’s, That’s, James Ragan, DA Davidson, Candice Tse, Price, Chris Isidore, Biden, Julie Su Organizations: CNN Business, Bell, CNN, Vanguard, Traders, DA, Goldman Sachs Asset Management, UPS, Teamsters, NY, Reserve’s Survey, University of Michigan

"The economy is still adding more jobs than new entrants to the labor market," wrote Vanguard Global Chief Economist Joseph Davis and Senior International Economist Andrew Patterson. Wage growth "remains well above levels the Fed would be comfortable with" in the fight to return inflation to the 2% target. With job growth in prior months revised down by more than 100,000 jobs, the June jobs report is "a fairly soft print" with three-month average job gains now at 244,000 compared to more than 400,000 a year ago, said Omair Sharif of Inflation Insights. But progress towards a more balanced labor market is coming "slowly, slowly...These are still healthy figures" even as the pace softens. Reporting by Howard Schneider; Editing by Dan Burns, Nick Zieminski, Andrea Ricci and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Joseph Davis, Andrew Patterson, Omair Sharif, Austan Goolsbee, Let's, Goolsbee, Jerome Powell, Powell, Howard Schneider, Dan Burns, Nick Zieminski, Andrea Ricci, Chizu Organizations: Federal Reserve, Vanguard Global, Senior, Fed, Chicago Fed, CNBC, Reuters Graphics Reuters, Labor Statistics, Thomson Locations: U.S

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