The trimmed mean PCE inflation rate for July was an annualized 0.1 percent. According to the BEA, the overall PCE inflation rate for July was 0.4 percent, annualized, while the inflation rate for PCE excluding food and energy was 1.2 percent.
The Federal Reserve on Friday announced that the amounts of Term Auction Facility (TAF) credit offered at each of the two auctions in September will be reduced to $75 billion from $100 billion in August. Specifically, the Federal Reserve will offer $75 billion of 84-day credit on Tuesday, September 8, and $75 billion of 28-day credit on Monday, September 21.
"The Federal Reserve, like other economic policymakers, has been challenged by the unprecedented events of the past few years. We have been bold or deliberate as circumstances demanded, but our objective remains constant: to restore a more stable economic and financial environment in which opportunity can again flourish, and in which Americans' hard work and creativity can receive their proper rewards."
On August 24, 2009, the Federal Reserve conducted an auction of $100 billion in 28-day credit through its Term Auction Facility. The results of the auction are listed on the Board's website.
Further Evidence of Stabilization in Texas Economy—The Eleventh District economy has displayed evidence of further stabilization. Recent data and anecdotal reports indicate the Texas economy is flattening at subdued levels, with some hope of improvement toward the end of the year.
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