Federal Reserve officials are trying to parse through economic data pulling them in both directions of their dual mandate of maximum employment and stable price

With his tenure ending, Fed Chair Jerome Powell faces market pressure and White House criticism in a pivotal Jackson Hole appearance.

The Federal Reserve's latest meeting minutes reveal economists are increasingly worried that inflation could be getting worse, raising concerns for consumers nationwide. Scripps News National Correspondent Joe Saint George breaks down which specific products consumers should monitor and key takeaways from last month's Fed meeting.

Economists have long preferred independent central banks because they can more easily take unpopular steps to fight inflation.

South Africa's rand was little moved on Wednesday, despite the country's highest inflation reading for 10 months, as investors awaited minutes from the Fed's July meeting and a symposium later this week that could provide U.

Businesses maintained their inflation expectations at +2.3%, on average, in August vs. July, according to an Atlanta Fed survey released on Wednesday. Sales levels and profit margins "compared to normal" rose last month,

Goldman Sachs economists in a note estimated that consumers could soon bear up to 67% of tariff costs, up from 22%, thus escalating broader inflation risk. Before the Aug. 14 PPI report, markets were nearly unanimous in pricing a September Fed interest rate cut of up to 0.50%.