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“Issuers are very much incentivized to announce deals today to take advantage of lower rates. The market is fully open.”

The Bureau of Labor Statistics describes itself as “independent” and “non-partisan.” Economists and statisticians say this impartiality is key to the public and market’s trust in the data, as trillions of dollars can trade on the numbers at any given time.

Economic data is finally catching up to the economic reality that U.S. businesses and consumers have been describing for months.

The core PCE price index rose 0.3% from May to June, and 2.8% on an annual basis—a pickup from June 2024 that underscores the Fed has made limited progress on taming inflation in the past year.

Officials downgraded their view of the U.S. economy, but Powell cited inflation risk and “many, many uncertainties left to resolve” as reasons not to lower interest rates.

The 15% tariff rate will take effect on August 1. It will cover automobiles, but other details remain unclear.