Fed Projects One Rate Cut This Year Despite Mild Inflation Report

WSJ What’s News

The Wall Street Journal

Daily News, News

4.1 • 4.2K Ratings

🗓️ 12 June 2024

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

P.M. Edition for June 12. Federal Reserve officials indicated most are in no hurry to lower rates, even after a report showed inflation eased last month. Spencer Jakab, global editor of Heard on the Street, has more. And investigative reporter Joe Palazzolo discusses how several female employees at SpaceX say its founder Elon Musk showed them an unusual amount of attention or pursued them. Plus, U.S. travelers can now renew their passports online. Pierre Bienaimé hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	O. C.I. is the single platform for your infrastructure, database, application development, and AI needs.
0:06.0	Do more and spend less like Uber 8 by 8 and Databrics Mosaic.
0:11.0	Take a free test drive of OCI at oracle.com
0:14.4	slash Wall Street.
0:19.0	The Fed sees one interest rate cut this year, but some investors are betting on more. And a Wall Street Journal's
0:25.4	scoop on Elon Musk's relationships with women on the payroll at SpaceX.
0:29.9	We talked to former SpaceX executives and then they're fired SpaceX employees who have filed complaints with the National Labor Relations Board and you know what they said is that SpaceX fails to apply its own rules with respect to Musk.
0:47.0	Plus, the EU plans extra tariffs on Chinese EVs,
0:51.0	why the continent's own carmakers aren't happy about it.
0:54.0	It's Wednesday, June 12th. I'm Pierre Biename for the Wall Street Journal.
0:58.0	This is the PM edition of What's News, the top headlines and business stories that moved the world today.
1:03.0	Inflation is slowing in the U.S.
1:10.0	According to new Labor Department data for the month of May,
1:16.0	the Consumer Price Index was up 3.3% from a year ago,
1:20.0	and core prices that leave out volatile categories like food and energy were up 3.4
1:24.6	percent.
1:25.6	That was the mildest increase since 2021 and softer than economists predicted.
1:30.5	With those numbers in hand, this afternoon the Federal Reserve kept interest rates steady in a range between 5.25% and 5.5%
1:38.0	Fed Chair Jerome Powell.
1:40.0	There has been modest further progress toward our inflation objective.
1:44.7	We'll need to see more good data to bolster our confidence that inflation is moving
1:48.4	sustainably toward 2%.
	...

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