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"Given the multi-decade shock to inflation that we have experienced, we should be looking for the worst in the data rather than the best," Schmid said, noting that prices can be volatile and the Fed needs "longer periods" to be sure of inflation's path. "However, if inflation continues to come in low, my confidence will grow that we are on track to meet the price stability part of our mandate, and it will be appropriate to adjust the stance of policy," he said in remarks prepared for delivery to the Kansas Bankers Association's annual meeting in Colorado Springs, Colorado. With inflation at around 2.5% and the Fed's goal at 2%, he said, the Fed is "close, but we are still not quite there."

The recent rupture of a crucial oil pipeline has sent fresh pain through the economy of South Sudan, where even the security forces haven't been paid in nine months. The drop in oil revenues has compounded South Sudan's long problem of official mismanagement.

(Bloomberg) -- Peru unexpectedly cut its benchmark interest rate Thursday, shrugging off concern that core inflation remains stubbornly high and that the economy is already growing faster than expected without the need of monetary policy support. Most Read from BloombergHow a Tiny Midwestern Town Became a Mecca for Modern ArchitectureAfrica’s Richest City Needs $12 Billion to Fix InfrastructureNYC Subway Riders See ‘Exceptionally High’ Air PollutionNew York City Paid $2 Million for Empty Hotel R

U.S. stocks rallied Thursday in Wall Street’s latest sharp swerve after a better-than-expected report on unemployment eased worries about the slowing economy. The S&P 500 jumped 2.3% for its best day since 2022 and shaved off all but 0.5% of its loss from what was a brutal start to the week. The Dow Jones Industrial Average rose 683 points, or 1.8%, and the Nasdaq composite climbed 2.9% as Nvidia and other Big Tech stocks helped lead the way.

(Bloomberg) -- The end of the Federal Reserve’s balance-sheet unwind is in sight, though its actual conclusion depends on the pace of interest-rate cuts and stresses in funding markets. Most Read from BloombergHow a Tiny Midwestern Town Became a Mecca for Modern ArchitectureAfrica’s Richest City Needs $12 Billion to Fix InfrastructureNYC Subway Riders See ‘Exceptionally High’ Air PollutionNew York City Paid $2 Million for Empty Hotel Rooms Meant for MigrantsNew York City’s Outdoor Dining Sheds W

(Bloomberg) -- Mexico’s central bank cut its benchmark interest rate for the first time since March and said it would consider additional reductions as policymakers look past the recent inflation spike to focus on threats to economic growth.Most Read from BloombergHow a Tiny Midwestern Town Became a Mecca for Modern ArchitectureAfrica’s Richest City Needs $12 Billion to Fix InfrastructureNYC Subway Riders See ‘Exceptionally High’ Air PollutionNew York City Paid $2 Million for Empty Hotel Rooms M

(Bloomberg) -- Mexico’s headline inflation accelerated slightly more than expected in July, boosting the chances that the central bank keeps its key rate unchanged for a third straight meeting later Thursday.Most Read from BloombergAfrica’s Richest City Needs $12 Billion to Fix InfrastructureNew York City’s Outdoor Dining Sheds Will Start DisappearingNYC Subway Riders See ‘Exceptionally High’ Air PollutionNew York City Paid $2 Million for Empty Hotel Rooms Meant for MigrantsThe 5 Coastal States