WASHINGTON — Consumer prices ticked higher in July, with the Federal Reserve’s preferred inflation gauge showing annual core inflation holding at 3.3%, according to a Commerce Department report released Wednesday, arriving just days before Fed Chairman Kevin Warsh delivers his first major policy speech at the central bank’s annual Jackson Hole symposium.

The personal consumption expenditures price index, the measure the Fed relies on most heavily for its policy forecasting, rose a seasonally adjusted 0.2% for the month, putting the annual headline inflation rate at 3.7%. Both figures came in 0.1 percentage point above the Dow Jones consensus estimate. Stripping out volatile food and energy costs, core PCE posted respective monthly and annual gains of 0.2% and 3.3%, landing exactly in line with economist forecasts. While the Fed monitors both the headline and core measures, policymakers generally treat core inflation as the more reliable indicator of longer-term underlying price trends, given how much short-term volatility in food and energy prices can distort the headline figure.

The broader report also showed personal income rising 0.4% in July, while consumer spending increased 0.2%, with both figures coming in stronger than economists had anticipated, according to CNBC’s coverage of the release.

A closer breakdown of the data revealed diverging trends across different categories of consumer spending. Goods prices actually declined during the month, falling 0.1%, driven primarily by a 2.7% decrease in gasoline and other energy-related goods, alongside a 0.9% drop in furnishings and long-lasting household equipment. Services prices, by contrast, continued climbing, rising 0.3% for the month, pushed higher by a 1.2% increase in financial services and insurance costs along with a more modest 0.3% gain in housing costs.

Financial markets showed a modest, immediate reaction to the data. Stock market futures pulled back slightly following the report’s release, while Treasury yields moved higher, reflecting investor recalibration around the persistence of inflation heading into the Fed’s next major policy decisions.

The report lands at a pivotal moment for Federal Reserve policymakers, who continue weighing their next move even as inflation, despite generally soft monthly readings throughout the summer, remains well above the central bank’s longstanding 2% target. The rate-setting Federal Open Market Committee did not hold a formal policy meeting in August, giving officials a brief reprieve before their next scheduled gathering on Sept. 15-16. According to CNBC, markets are currently pricing in only about a 1-in-3 probability of a rate move at that September meeting, with traders instead viewing December as the more likely window for any potential rate hike.

Although the FOMC itself is not meeting this week, Fed officials are gathering in Jackson Hole, Wyoming, for the central bank’s closely watched annual economic policy symposium, with the event’s centerpiece being a keynote policy address scheduled for Friday from Chairman Kevin Warsh. Since taking office in May, Warsh has remained notably circumspect regarding where he sees monetary policy heading, generally preferring to let markets set their own expectations rather than offering explicit forward guidance, a communication style that has left investors particularly eager for clearer signals during his Jackson Hole appearance.

The inflation data arrives amid a broader backdrop of rising government bond yields that has added further complexity to the Fed’s policy calculus. Both the 10-year and 30-year Treasury yields recently touched their highest levels since 2007, just before the onset of the global financial crisis, according to CNBC. That surge has been attributed to a combination of factors, including growing investor concern about the Fed’s underlying commitment to its inflation target, as well as broader anxiety surrounding the federal government’s debt levels and budget deficits.

In response to those rising yields, Treasury Secretary Scott Bessent announced roughly a week earlier that his department would significantly step up its buybacks of government debt, an initiative aimed at helping stabilize longer-term borrowing costs. However, according to CNBC, market participants have expressed skepticism regarding whether that buyback program will ultimately have a meaningful, lasting impact on yields given the scale of the broader fiscal pressures driving the recent bond market volatility.

Wednesday’s report caps a busy week of market-moving developments, with investors simultaneously digesting the inflation data, Nvidia’s closely watched quarterly earnings report, and Meta’s separate announcement of a roughly $16.7 billion settlement resolving state lawsuits over allegations the company designed its platforms to addict children, developments that have collectively shaped market sentiment even as the underlying inflation picture remains the dominant macroeconomic story heading into the fall.

With core inflation holding steady at 3.3%, comfortably above the Fed’s 2% target but not accelerating further, Wednesday’s report is likely to reinforce the current wait-and-see posture many Fed officials appear to be adopting ahead of their September meeting. Investors and economists alike are expected to parse Warsh’s Friday remarks at Jackson Hole closely for any indication of how the incoming chairman intends to balance the central bank’s continued inflation-fighting mandate against growing concerns about elevated borrowing costs and the broader health of the bond market, even as his relatively guarded public communication style so far has left much of that policy direction still genuinely uncertain heading into his first major address in the role.

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Members of the Spring Lake community on the Jersey Shore are entering a new phase in their multi-year fight with Verizon over the installation of proposed 5G poles that would improve network service but have rankled residents concerned about their impact.

The town council of Spring Lake, N.J., held a public comment meeting on Tuesday evening regarding a settlement that would see Verizon ditch a plan to install nine 5G poles along the Ocean Avenue boardwalk, with a 10th pole on nearby Prospect Ave., in favor of a more discreet option.

The company reached a proposed settlement with the borough to instead install the 5G antennas into two enclosed, hut-like cupolas that are situated on top of pavilion buildings at the north and south ends of the boardwalk.

That compromise followed a lawsuit in federal court brought by Verizon against Spring Lake in 2024, which the Jersey Shore community’s residents later intervened in. 

VERIZON SUES JERSEY SHORE TOWN TO INSTALL 5G POLES ALONG BEACH WITH ‘OVERWHELMING OPPOSITION’ FROM RESIDENTS

Beachgoers enjoying the Jersey Shore in Spring Lake, N.J. (Getty Images)

Spring Lake litigation counsel Benjamin Clark said that he thinks it’s “a better choice to pursue the pavilion option, rather than to just continue litigation against Verizon because the key thing here, from what I’ve been able to observe and have always been instructed, is ‘preserve the beachfront.’”

Residents at the town council meeting expressed frustration with being left out of negotiations on the proposed settlement, citing safety concerns related to 5G emissions and saying the borough shouldn’t make a deal in the short-term just to end the dispute.

The National Center for Smart Growth at the University of Maryland notes that government researchers, industry scientists and academics from the U.S., Asia and Europe are in agreement that 5G and 4G LTE emissions are safe and don’t pose any dangers to public health.

VERIZON PLAN TO INSTALL 5G POLES ALONG POPULAR JERSEY SHORE BEACH STIRS UPROAR

A view of the Essex and Sussex building in Spring Lake, N.J. (Getty Images)

Local activists opposed to the settlement also cited concerns that agreeing to the settlement could create a precedent for future expansion of cell towers, while some said they’re not concerned about the quality of their cell service while visiting the beach.

Those opposed to the compromise say the issue of 5G antennas near Jersey Shore beachfronts will arise in other communities as well, and want Spring Lake to take a stand.

Communities on the Jersey Shore like Spring Lake can see a large influx of visitors during the summer months for the area’s beaches and recreation, which can impact the quality of cell service for device users.

VERIZON LAUNCHES SIMPLER PLANS AND NEW LOYALTY PROGRAM, DROPS SOME FEES

Verizon’s proposed settlement would see the cell service provider opt for enclosed huts on the top of two pavilion buildings to house 5G antennas, rather than traditional towers. (Daniel Karmann/picture alliance)

For its part, Verizon said it’s focused on ensuring there are positive relationships in the communities it serves while it works to expand the capacity and capability of its network.

“Verizon is committed to responsibly building our network to meet the growing demand of our customers while maintaining positive relationships with the communities where we work,” Verizon said in a statement to FOX Business.

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The Spring Lake town council is planning to hold a vote on the settlement proposal on Sept. 15.

FOX Business’ Madison Alworth contributed to this report.

A third of planned apartments would be affordable

Planners at Blackpool will make a decision next week on ambitious proposals to demolish an empty hotel near South Shore seafront and replace it with 15 self-contained flats.

The proposals will offer 33 percent of the apartments (a total of five) as affordable housing, if the scheme gets the go ahead.

The application is for the erection of a four storey building comprising 15 self-contained permanent apartments, following demolition of the former Henderson Hotel at 1 Wimbourne Place, a site close to Blackpool Pleasure Beach Resort.

Now Blackpool Council’s planning committee will run the rule on the scheme when it meets on Tuesday September 1.

The Henderson Hotel was one of three adjoining hotels being offered for sale early in 2025 at £1.9m as part of a potential redevelopment project.

The site comprised three buildings – the Waldorf Hotel, the Kimberley Hotel and the Henderson Hotel – which required demolition before development takes place.

However, the current application involves the Henderson Hotel only, with no reference made to the other two properties.

A Design and Access Statement by consultants Future Planning and Development Ltd, has been submitted on behalf of the un-named applicants in supporting a Full Planning Application for the scheme.

Explaining the new need for a new building, the statement says of the current property: “The narrow circulation spaces, rigid structural layout, thin partitions, and outdated configuration present significant and inherent barriers to successful conversion or modernisation.

“Achieving a modern, building regulations-compliant layout within the existing envelope would likely require extensive intervention, making comprehensive refurbishment or reuse highly impractical and economically unviable.”

The statement adds: “The vision for the redevelopment of 1 Wimbourne Place is to transform a dated and under used hotel site into a high quality, attractive and inclusive residential environment that makes a positive contribution to the local area.”

The planning committee is being recommended to support and delegate approval of the application to the Head of Development Management, subject to the completion of a S106 legal agreement on social housing to secure planning obligations.

The planning officer’s report states: “The application proposes that five of the units would be affordable (33%) which is in line with Policy CS14.

“These would need to be secured via a Section 106 legal agreement on a tenure basis acceptable to the council’s housing team.

“Although it is envisaged that these properties would be taken on by a Registered Social Landlord (RSL), this cannot be guaranteed at this stage, so it is proposed that the Section 106 would first require on site provision but it would also allow for a financial contribution to be paid towards affordable housing.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

Projects focuses on industrial and logistics occupiers

Work to create a huge industrial shed on the outskirts of Wigan has finished.

Building firm Glencar has completed construction at Martland Park of a 102,000 sq ft industrial and logistics unit commissioned by commercial property developer Hillwood UK.

The builder said the high-specification unit has been developed to ‘meet the requirements of modern industrial and logistics occupiers, with a strong focus on sustainability, operational efficiency, and long-term performance’.

The completed warehouse. close to the M6 and the Heinz complex at Kitt Green, has first-floor office accommodation and a range of sustainability measures including photovoltaic panels and electric vehicle charging points.

Works also included groundworks and drainage infrastructure to support the site.

Glencar said the completed building provides ‘high-quality, future-ready industrial space, supporting employment and inward investment in Wigan’.

It said the building sets ‘a new benchmark for sustainable industrial and logistics development at Martland Park’.

No occupier for the massive space has been announced as yet.

Tom Kearsley, north regional director at Glencar said: “The completion of Martland Park is a strong example of what can be achieved through close collaboration with a committed client and consultant team.

“We are proud to have delivered a high-quality, sustainable facility for Hillwood UK that meets the demands of modern industrial and logistics occupiers.”

Mark Wright, vice president at Hillwood UK, said: “The development reflects our commitment to providing sustainable, well-designed industrial and logistics space and represents an excellent addition to our portfolio in the North West.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.