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Federal Reserve's Schmid: The Federal Reserve can only be accountable by making its decision-making process transparent, increasing transparency, and accepting public criticism.

Federal Reserve's Schmid: Inflationary shocks are not inherently temporary, and he disagrees that the Fed should "ignore" certain types of price increases.

Federal Reserve's Schmid: It's time to stop excluding food prices from core inflation metrics.

Federal Reserve's Schmid: Inflation is a key factor to consider when formulating monetary policy.

Federal Reserve's Schmid: The labor market appears broadly stable. Inflation persists across a wide range of goods and services and remains a "concerning" factor.

Federal Reserve's Schmid: Recent inflation data is encouraging, but it is too early to draw conclusions.

On July 17th, Federal Reserve official Logan stated that the Fed should raise interest rates to address high inflation—a comment suggesting she may be prepared to oppose the decision to keep rates unchanged later this month. Logan said that Tuesday's June inflation data indicated a slowdown in price increases, but not enough to convince her that inflation has returned to the Fed's 2% target path. "The June CPI data does suggest that inflation could potentially return to the target level, and the outlook is more optimistic," Logan said. "But this path remains very fragile. I currently believe that a moderate increase in interest rates would help better balance the outlook and risks."

The Federal Reserve accepted a total of $125 million from one counterparty in its fixed-rate reverse repurchase operations.

Federal Reserve's Logan: Inflation does not appear to have sustainably fallen back to 2%.

Federal Reserve's Logan: Surge in AI investment could trigger non-linear price increases.

Federal Reserve's Logan: Labor, consumer, and financial data suggest that monetary policy has not dampened the economy.

Federal Reserve's Logan: The labor market is well-balanced, and even slightly strengthened.

Federal Reserve's Logan: Artificial intelligence may eventually lead to a surge in productivity, but the demand effect is already evident.

Federal Reserve's Logan: Downside risks to employment have diminished, while inflation risks are primarily on the upside.

Federal Reserve's Logan: It's time to finish the work of restoring price stability. Some policy constraints are needed to help achieve this goal.

Federal Reserve's Logan: A one-month decline in CPI inflation is "not enough".

The Federal Reserve reported that for the week ending July 15, outstanding U.S. commercial paper, seasonally adjusted, decreased by $6.6 billion. Outstanding U.S. commercial paper, not seasonally adjusted, decreased by $2.4 billion. Outstanding U.S. commercial paper held by foreign financial institutions, not seasonally adjusted, decreased by $3.5 billion.

The Russian Ministry of Defense stated that it carried out a series of airstrikes against Ukrainian military targets in the Sumy region and the Donetsk region of Ukraine.

July 17 - U.S. mortgage rates rose to their highest level in nearly a year as renewed tensions in the Middle East fueled renewed concerns about inflation. Freddie Mac said in a statement Thursday that the average rate for a 30-year fixed-rate mortgage was 6.55%, up from 6.49% a week earlier. The latest rate is the highest since late August. Mortgage rates rose for the second consecutive week, following a rise in U.S. Treasury yields; this followed the collapse of the interim peace agreement between the U.S. and Iran, which pushed Treasury yields higher.