HAMMACK said there is no conflict between the Fed’s dual mandate: inflation remains too high while the labor market is near full employment. He said corporate leaders point to energy costs and supply‑chain disruptions as key drivers, and flagged insurance cost pressure and rising costs from AI data‑center construction.

US one-year inflation expectations for July — initial reading 4.2%; consensus 4.5%, prior 4.6%.

US President Trump said Canada should be held responsible for inadequate forest management after Canadian wildfires sent hazardous, heavily polluted smoke into the US, and he will call the Canadian prime minister to press for action. He called the losses incalculable, accused Canada of deliberate, recurring negligence that costs the US billions annually, and threatened to add those costs to tariffs Canada already pays.