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Consumers' worst fears about tariff-induced inflation have receded, though they are still wary of price increases to come.

Israel's markets have been lifted by significant foreign investment and more recently by renewed investor confidence following its 12-day conflict with Iran.

Warsh called for sweeping changes on how the Fed conducts business and suggested a policy alliance with the Treasury Department.

The comments came after the Supreme Court indicated that President Donald Trump does not have the authority to arbitrarily fire Fed Chair Jerome Powell.

The producer price index for June was expected to increase 0.2%, according to the Dow Jones consensus estimate.

Economists polled by Reuters had anticipated inflation would reach 3.4% in the twelve months to June.

The consumer price index in June was expected to increase 2.7% from a year ago, according to the Dow Jones consensus estimate.

June's inflation report will be looked at not so much for what the headline numbers show than what's in the underlying data.

India's inflation cools to 2.1% in June, extending slide to more than 6-year lows

Last month saw a surplus of a little more than $27 billion, following a $316 billion deficit in May.