US Inflation Rises, Fed Holds Rates Amid Tariff Concerns
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US inflation rose to 2.6% in June, exceeding the Federal Reserve's 2% target, driven partly by President Trump's tariffs. The increase is reflected in higher prices for imported goods like furniture and appliances. The Fed, despite Trump's pressure, kept interest rates unchanged, citing concerns about persistent inflation. Consumer spending remained modest, rising 0.3% from May to June, while income growth was also muted. This inflation rise may hinder potential future interest rate cuts.
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