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US home prices hit a record high in July. The pace of price increases moderated on an annual basis.

Consumer confidence tumbled in September as workers find it increasingly difficult to find a new job.

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U.S. Federal Reserve Governor Michelle Bowman said on Tuesday key measures of inflation remain "uncomfortably above" the Fed's 2% target, warranting caution as the Fed proceeds with cutting interest rates. Bowman said she agreed that progress on lowering inflation since it peaked in 2022 means it is time for the Fed to reset monetary policy. "Core" inflation refers to the Personal Consumption Expenditures price index stripped of food and energy costs, which Fed officials consider a good guide to overall inflation trends and which Bowman said she expects was running still at around 2.6% through August.

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BERLIN (Reuters) -Germany's leading economic institutes have downgraded their forecast for 2024 and now see Europe's largest economy shrinking by 0.1%, people familiar with the figures from the autumn joint economic forecast told Reuters on Tuesday. Germany's economy was the weakest among its large euro zone peers last year with a 0.3% contraction. Inflation was expected to fall to 2.2% this year, from 5.9% last year, the sources said.