US wholesale inventories up 0.1% in June

*FED'S BOSTIC SAYS ECONOMY LIKELY TO CONTINUE SLOWING Fed's Bostic: Firms are still in a "wait and see" pattern around employment. Bostic Says Likely Price Increase for Six to Twelve Months Will Put Pressure on the Federal Reserve Fed's Bostic: The most important question for the Fed is whether tariffs will shift prices once or more persistently. Fed's Bostic: Policymakers would not respond to a one-time price shift, but there are compelling reasons to be skeptical.

Swiss President Keller-Sutter: We have to prepare for difficult times. Swiss President States Our Industry's Strength Should Not Be Questioned Due To High U.S. Tariffs Swiss President Says Industry Survived Past Challenges Including Covid-19 and End of Minimum Exchange Rate Swiss President Keller-Sutter: In the end, it's all in Trump's hands. Switzerland will not impose reciprocal tariffs on US Swiss Confederation President Karin Keller-Sutter (pictured) said on Thursday that Switzerland does not plan any countermeasures to the 39% tariff imposed on the country's exports by the United States, although the situation is "extraordinarily difficult." She said the Swiss government held a meeting with US negotiators yesterday, where it presented an "improved offer," and that talks on a possible trade deal will continue. We cannot say how long this period will last," Keller-Sutter said, adding that the issue is "in the hands of the US president." In the meantime, she said the government is looking into ways to offer relief to companies affected by tariffs. Swiss Economics Minister Guy Parmelin said the tariffs impact around 60% of Swiss exports to the US.

Fed's Bostic: I still feel that one cut for this year remains appropriate, but there is a lot of data coming before the September meeting. Bostic Says Jobs Data Show Higher Risks to Labor Market Than Before Last Meeting Fed's Bostic: I am hopeful that by mid to late next year, price pressures will have eased. Fed’s Bostic: Hopeful Can Start Returning To Neutral Rate In 2026 Fed's Bostic: It would not be surprising if dissents continue at the FOMC meetings, given the complexity of the moment.

The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the July 2025 Survey of Consumer Expectations, which shows that households’ inflation expectations increased at the short and longer-term horizons and were unchanged at the medium-term horizon. Consumers expect smaller growth in their tax payments and are more optimistic about their household financial situations. Expectations about the labor market were mixed with consumers reporting greater likelihoods of losing and finding jobs, and a lower likelihood of a rise in overall unemployment. The survey was fielded from July 1 through July 31, 2025. Median inflation expectations in July increased at the one-year-ahead horizon to 3.1% from 3.0% and at the five-year-ahead horizon to 2.9% from 2.6%. They remained steady at the three-year-ahead horizon at 3.0%. The survey’s measure of disagreement across respondents (the difference between the 75th and 25th percentile of inflation expectations) decreased at the one-year horizon, was unchanged at the three-year horizon, and increased at the five-year horizon. NY Fed inflation expectations: 1 year: 3.1%, vs 3.0% last 3 years: 3.0%, vs 3.0% last 5 years: 2.9%, vs 2.6% last