America Breaking News: U.S. Consumer Spending, Inflation Rise in June

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America Breaking News: U.S. Consumer Spending, Inflation Rise in June

America Breaking News: U.S. Consumer Spending, Inflation Rise in June
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America Breaking News: U.S. Consumer Spending, Inflation Rise in June

by Wochit 0:58 mins

U.S. consumer spending increased and inflation pushed higher in June, which could strengthen expectations of the Federal Reserve curtailing its bond purchases later this year. Traders of short-term U.S. interest-rate futures boosted bets that the Federal Reserve will wait until 2015 before raising short-term borrowing costs after a government report showed the U.S. economy added fewer jobs than expected. President Barack Obama has chosen retired corporate and government official John Koskinen to take over an Internal Revenue Service under fire for its screening of political groups. Obama said, Koskinen is "an expert at turning around institutions in need of reform."

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