The Economic Times

America In Focus: Key inflation gauge remains high; Fed's Warsh signals rate hikes may be needed

Key inflation gauges remained elevated last month, showing persistent cost pressures for Americans. Federal Reserve Chair Kevin Warsh signaled potential interest rate hikes to combat this ongoing inflation. US consumer confidence declined to a seven-month low amid rising gasoline prices and economic concerns. The US economy expanded at a sluggish 1.5% pace in the second quarter, while consumer spending stayed strong.