The Consumer Price Index (CPI) rose 1.7% on a year-over-year basis in May, matching the 1.7% increase in April. Compared with one year earlier, a smaller price increase for rent ...

ISRAEL CONFIRMS THAT IT ATTACKED A TARGET IN IRAN AND THAT ITS JETS ARE ON THEIR WAY BACK TO ISRAEL Tel Aviv's Channel 12 reports that Israel's fighter aircraft targeted locations in Tehran. ISRAELI MEDIA CITING SECURITY SOURCES: THE MATTER HAS CONCLUDED, AND A CEASEFIRE BETWEEN ISRAEL AND IRAN HAS TAKEN EFFECT. Israel hits 'symbolic' target near Tehran The Israeli military carried out a "symbolic" strike on a radar near Tehran, Israeli media reported on Tuesday. The attack was scaled down after United States President Donald Trump spoke to Israeli Prime Minister Benjamin Netanyahu and urged him not to "drop those bombs." Earlier today, Israel accused Iran of violating the ceasefire that came into force early on Tuesday, which Tehran denied. Meanwhile, Iranian media reported two explosions in Tehran, although they have not been officially confirmed.

China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the U.S., also. It was my Great Honor to make this happen! Heading to NATO where, at worst, it will be a much calmer period than what I just went through with Israel and Iran. I look forward to seeing all of my very good European friends, and others. Hopefully, much will be accomplished!

Thanks to the organizers for inviting me to speak on this distinguished panel. I know that many of you in the audience are familiar with the Federal Reserve’s responsibility for setting monetary policy in the United States. Less well known is how the Federal Reserve System is structured to carry out all of its responsibilities to support the economy and financial system. So before I share my views on the outlook for the US economy, let me give you a brief Fed primer. As always, the views I express today are my own and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee.1 The Fed is a decentralized, public–private system uniquely capable of serving the United States’ economic and financial interests free from short-term political pressures. Monetary policy actions are undertaken by the Federal Open Market Committee, or FOMC, which is made up of the 12 presidents of the Reserve Banks and the seven governors at the Board of Governors in Washington DC. The 12 Reserve Bank presidents rotate voting years, apart from the president of the New York Fed, who is a permanent voting member and vice chair of the committee. Whether voting or not, all 19 of us speak, listen, and learn from each other at every meeting. Besides setting monetary policy, the Fed’s main functions are promoting financial stability, bank supervision and regulation, consumer protection and community development, and supporting the US payments system. A quick note about our payments work: the Cleveland Fed is one of several Reserve Banks that supports the government’s payments services. This includes collecting Fed's Hammack: i don't see any imminent case to cut interest rates. FED’S HAMMACK: RATE POLICY COULD BE ‘ON HOLD FOR QUITE SOME TIME’ AS FED SEEKS CLARITY Fed's Hammack: I supported the Fed's decision to hold rates steady at the June FOMC. Fed's Hammack: Fed policy is modestly restrictive.