Inflation report, BLS pick, China trade extension: 3 Things
The July Consumer Price Index (CPI) report showed inflation rose roughly as expected from the prior month. Annually, however, the core inflation reading was higher than economists had forecast.
President Trump said he will nominate economist the Heritage Foundation's chief economist EJ Antoni, a critic of the Bureau of Labor Statistics (BLS), to be the agency's new commissioner.
On the trade front, Trump has extended the trade truce with China for another 90 days.
To watch more expert insights and analysis on the latest market action, check out more Morning Brief.
Welcome to Yahoo Finance's flagship show, The Morning Brief. I'm Julie Hyman. Let's get to the three things you need to know today. First up, US stock futures moving higher following the July CPI report, which showed inflation coming in line with Wall Street's estimates, largely. Core inflation accelerating in July to 3.1% year-over-year. That is the strongest pace for that measure since the start of the year amid a pickup in services prices. Plus, President Trump tapping EJ Antoni to lead the Bureau of Labor Statistics after firing the former head of the agency earlier this month. Antoni currently serves as the chief economist for the Heritage Foundation. It's a conservative think tank in Washington. He has been vocal about his concerns with BLS data and revisions. Antoni would succeed the BLS head who was abruptly fired after after the July payrolls report showed weak job growth and substantial downward revisions to the prior two months. The position is subject to Senate confirmation. And President Trump is extending the US-China trade truce for an additional 90 days, deferring a tariff hike set to take effect today. The de-escalation first took effect when the US and China agreed to reduce tit-for-tat tariff hikes and to ease export restrictions on rare earths and certain technologies. But new reports say China is urging domestic firms to avoid using Nvidia's H20 processors, complicating the chipmaker's attempts to recoup billions in lost China revenue, as well as the Trump administration's push to turn those sales into a government windfall.
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