The Oxford Institute of Economics predicts that the overall personal consumption expenditure price index, the inflation index favored by the Federal Reserve, rose 3.6% year on year in July and fell slightly from 3.7% in June. The Oxford Institute of Economics expects the Federal Reserve to keep interest rates unchanged for the rest of 2026, given that service sector inflation has cooled and the labor market shows little sign of overheating.

The Oxford Institute of Economics predicts that the overall personal consumption expenditure price index, the inflation index favored by the Federal Reserve, rose 3.6% year on year in July and fell slightly from 3.7% in June. The Oxford Institute of Economics expects the Federal Reserve to keep interest rates unchanged for the rest of 2026, given that service sector inflation has cooled and the labor market shows little sign of overheating.