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Powell Predicts Inflation Easing as Supreme Court Shields Trump in Official Acts and Biden Faces Political Turmoil Amid Weak PMI Data

At the ECB's Annual Forum in Sintra, Portugal, Federal Reserve Chairman Jerome Powell said that prices appear to be resuming a disinflationary trend after a pause earlier in the year. He noted that the labor market is showing signs of cooling and is becoming more balanced. Powell expects inflation to be in the low to mid 2% range within a year.

The Supreme Court ruled that former President Donald Trump has significant immunity from prosecution for official acts performed while in office. However, he does not enjoy immunity for unofficial acts. Sentencing in his New York case was postponed until September 18.

President Biden traveled to Wisconsin on Friday to defuse the political crisis that erupted after the debate. Amid concerns about his health and a push by some Democrats to cede his seat to Kamala Harris, Biden will undergo an interview with ABC News in an attempt to reassert his ability to compete.

The manufacturing PMI fell to 48.5 points from 48.7. The services PMI showed a significant drop from 53.8 to 48.8 points. The odds of a September rate cut by the Fed increased to 75% following the weak data.

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