美聯儲向國會提交7月貨幣政策報告表示，美國今年通膨再度回升。5月整體PCE物價指數年增4.1%，核心PCE年增3.4%，主因包含關稅調漲、中東衝突推升能源價格、以及AI相關高科技產品需求增長等因素。美國勞動市場整體維持穩定，6月失業率為4.2%，第一季實質GDP年化增長率為2.1%。FOMC自年初以來維持聯邦基金利率目標區間在3.5%至3.75%，並再次強調達成物價穩定的目標。報告同時收錄6月經濟預測：美聯儲官員預測2026年整體PCE通膨與核心PCE通膨之中位數分別為3.6%及3.3%，年底聯邦基金利率預測中位數為3.8%，高於3月預測的3.4%。

In its July Monetary Policy Report submitted to Congress, the Federal Reserve stated that U.S. inflation has risen again this year. The headline PCE price index rose 4.1% year-over-year in May, while core PCE increased 3.4% year-over-year, driven mainly by higher tariffs, rising energy prices amid Middle East conflicts, and increased demand for AI-related high-tech products. The U.S. labor market remained generally steady, with a June unemployment rate of 4.2% and an annualized real GDP growth rate of 2.1% in the first quarter. The FOMC has kept the federal funds rate target range at 3.5% to 3.75% since the start of the year, reaffirming the goal of achieving price stability. The report also included June economic projections: Fed officials’ median forecasts for 2026 headline PCE inflation and core PCE inflation are 3.6% and 3.3% respectively, with the median year-end federal funds rate forecast at 3.8%, up from the 3.4% forecast in March.