US on a high as inflation holds steady in July
By the close on Wall Street, the S&P 500 index, regarded as a barometer of the corporate health of the US, had risen 72.31 points, or 1.1 per cent, to 6,445.76, its 16th new record of the year so far, while the technology-heavy Nasdaq also closed on a new high, its 19th of 2025, after a rise of 296.50 points, or 1.4 per cent, to 21,681.90.
After the latest inflation figures from the US Bureau of Labor Statistics, traders raised their bets on a quarter point rate cut to a range of 4 per cent to 4.25 per cent at the Fed's meeting next month to 94.2 per cent compared with 88 per cent before the data.
President Trump immediately resumed his public attacks on the Fed and its chairman Jerome Powell reiterating his call for lower rates. He also cited 'a major lawsuit' against Powell over renovations to the central bank's buildings where costs have risen to $2.5 billion from $1.9 billion in 2019.
'Jerome 'Too Late' Powell must NOW lower the rate,' Trump wrote on Truth Social, his social media platform. 'I am, though, considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings.'
Underlying US inflation, a closely watched measure by Fed rate setters, hit a five-month high in July as prices for services, medical products and airfares rose sharply, prompting Trump to dismiss accusations that tariffs have already pushed the cost of every day living higher for families.
The president also attacked Goldman Sachs and chief executive David Solomon over the investment bank's estimate that the business had already absorbed 22 per cent of the levy costs through June.
'It has been shown that for the most part, consumers aren't even paying these tariffs, it is mostly companies and governments, many of them foreign picking up the tabs,' Trump said.
'But David Solomon and Goldman Sachs refuse to give credit where credit is due.' The investment bank declined to comment.
According to the Labor department data, the price of medical care rose by 0.7 per cent in the month to July. Airfares were up 4 per cent, dental appointments increased by 2.6 per cent and second-hand car and truck prices rose by 0.5 per cent over the month.
Elsewhere, there was little sign that the price of products hit by import levies had accelerated. Clothing prices rose by just 0.1 per cent in the month to July, and the cost of a new car was unchanged.
Samuel Tombs, chief US economist at Pantheon Macroeconomics, a consultancy, said: 'We doubt, however, that auto retailers will continue to absorb all of the costs of the new tariffs, and expect apparel prices to jump over the next two months.'
Earlier this month, Trump fired Erika McEntarfer, the head of the US Bureau of Labor Statistics, after he claimed that the statistics agency had released 'rigged' labour market figures that did not accurately reflect the underlying strength of the US economy since he entered the White House.
The Trump administration sees tariffs as a means of boosting government revenues to fund tax cuts and incentivise multi-national companies to increase their production presence in America so as to avoid paying the tariffs. Several high-profile technology companies, such as Apple and Nvidia, have announced substantial investment projects in the US since Trump returned to the White House.
Despite the rising bets on a Fed rate cut in September some economists urged caution.
Stephen Brown, deputy chief North America economist at Capital Economics, a consultancy, said: 'Given we still have another set of price data and another employment report before the Fed's next meeting, the Fed's September rate decision is not yet a done deal.'
He added that markets are 'overestimating the degree of loosening to come over the next 18 months'.
The dollar index, which measures the greenback against six comparable currencies, fell by 0.15 per cent.
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