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Investing.com -- Vice President JD Vance criticized the Federal Reserve’s monetary policy on Wednesday following the release of the latest inflation data, calling the central bank’s reluctance to cut interest rates "monetary malpractice."
In a post on X, Vance stated: "The president has been saying this for a while, but it’s even more clear: the refusal by the Fed to cut rates is monetary malpractice." His comments directly referenced Wednesday’s Consumer Price Index (CPI) report.
The Labor Department’s Bureau of Labor Statistics reported that U.S. consumer prices rose by 0.1% in May, following a 0.2% increase in April. The year-over-year inflation rate reached 2.4% in May, up slightly from 2.3% in April. Core inflation, which excludes volatile food and energy components, also increased by 0.1% for the month, down from 0.2% in April. The 12-month core inflation rate remained steady at 2.8%.
The figures came in below economists’ expectations.
The Federal Reserve, which uses different inflation measures for its 2% target, is expected to maintain its benchmark interest rate in the 4.25%-4.50% range at its meeting next Wednesday. Policymakers are monitoring how the Trump administration’s import tariffs might impact the economy and inflation in coming months.
Economists anticipate that inflation could accelerate in the near future due to these tariffs, despite May’s data showing cheaper gasoline contributing to the modest overall price increase.