{"id":13602,"date":"2026-08-07T16:39:11","date_gmt":"2026-08-07T16:39:11","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=13602"},"modified":"2026-08-07T18:37:26","modified_gmt":"2026-08-07T18:37:26","slug":"services-will-be-the-sticking-point-for-an-inflation-sensitive-fed","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/","title":{"rendered":"Services will be the sticking point for an inflation-sensitive Fed"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-columns pad-t-hlf mob-pad-t-hlf pad-b-hlf mob-pad-b-hlf pad-l-hlf mob-pad-l-hlf pad-r-hlf mob-pad-r-hlf has-rbc-bright-blue-tint-4-background-color has-background is-layout-flex wp-container-core-columns-is-layout-c94bf079 wp-block-columns-is-layout-flex\" style=\"border-style:none;border-width:0px;border-radius:5px\">\n<div class=\"wp-block-column pad-b-hlf mob-pad-b-hlf pad-t-hlf mob-pad-t-hlf is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:98%\">\n<div class=\"wp-block-media-text is-stacked-on-mobile is-vertically-aligned-center mar-l-hlf pad-l-hlf\" style=\"grid-template-columns:22% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"1767\" height=\"1632\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-6212 size-full\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png 1767w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?resize=300,277 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?resize=768,709 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?resize=1024,946 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/12\/Icon-calend-dec-19-25.png?resize=1536,1419 1536w\" sizes=\"auto, (max-width: 1767px) 100vw, 1767px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p class=\"wp-block-paragraph\" id=\"Intro\">Next week marks a packed calendar, with the most consequential data release being the July CPI print which lands on Wednesday. <strong>We expect core CPI rose +0.2% m\/m, knocking the y\/y pace down to 2.4<\/strong>%. <strong>We look for headline inflation to come in at a more subdued +0.1% m\/m (+3.3% y\/y),<\/strong> helped by a continued retracement in gasoline prices.<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Core goods have consistently helped headline inflation as of late \u2013 registering flat to negative for three consecutive months. Core services inflation is expected to continue to retreat from April and highs \u2013 but as the final ingredient to return core inflation to target, we expect it will remain stickier than the FOMC would like. Still, shelter price growth will likely register cooler in July, providing some relief to core services. The Zillow Observed Rent Index has decelerated since Q1 2025 (aside from a recent one-month blip) and tends to flow through to OER with a sizeable lag. New and existing home sales have largely moderated over the past year and a half, and with a nearly two-year lag to OER, that should continue pulling shelter lower through year-end \u2014 though more meaningful relief will come later on. And airfares will add a further tailwind on cheaper jet fuel. But the longer-term limitation for core services is still elevated wage growth, which continues to put a floor under core services disinflation, while Baby Boomers \u2013 a cohort that is relatively less sensitive to wage income \u2013 will also be demand supportive for services.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Core PPI is unlikely to register the same relief that we expect to see in core CPI. <strong>Our forecast calls for core PPI to rise +0.3% m\/m<\/strong>, with pressures stemming from services including transportation and warehousing. <strong>Headline PPI will be helped by the energy reprieve (+0.1% m\/m).<\/strong> Trade services is the wildcard, and after the ISM Services prices paid index unexpectedly shot up in July, we will be watching to see how wholesale and retail margins are faring via trade services PPI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The week culminates with retail sales data. <strong>We expect that a retracement in gasoline prices will translate to negative nominal retail sales (-0.3% m\/m)<\/strong>, and declines in light motor vehicle sales will also be a drag. Most importantly, excluding autos and gas, spending is expected to remain in positive territory suggesting a resilient consumer picture. <strong>We are forecasting a +0.3% m\/m increase in the retail sales control group<\/strong> (which excludes autos, gasoline, building materials, and restaurant spending) in July. This should reassure the Fed that demand is still healthy. Still, we expect next week\u2019s inflation print will preserve Fed optionality as the FOMC awaits one additional inflation print before the September meeting.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a779fbfbf500&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a779fbfbf500\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"5173\" height=\"2817\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/WA-Table.png\" alt=\"\" class=\"wp-image-13673\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/WA-Table.png 5173w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/WA-Table.png?resize=300,163 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/WA-Table.png?resize=768,418 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/WA-Table.png?resize=1024,558 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/WA-Table.png?resize=1536,836 1536w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/WA-Table.png?resize=2048,1115 2048w\" sizes=\"auto, (max-width: 5173px) 100vw, 5173px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a779fbfc0041&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a779fbfc0041\" class=\"wp-block-image aligncenter size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1788\" height=\"1621\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/US-chart-aug.png\" alt=\"\" class=\"wp-image-13608\" style=\"width:650px\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/US-chart-aug.png 1788w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/US-chart-aug.png?resize=300,272 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/US-chart-aug.png?resize=768,696 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/US-chart-aug.png?resize=1024,928 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/08\/US-chart-aug.png?resize=1536,1393 1536w\" sizes=\"auto, (max-width: 1788px) 100vw, 1788px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>About the authors:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Mike Reid<\/strong>&nbsp;is Head of US Economics at RBC. He is responsible for generating RBC\u2019s US economic outlook, providing commentary on macro indicators, and producing written analysis around the economic backdrop.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><em><strong>Carrie Freestone<\/strong>&nbsp;is a Senior US Economist at RBC. She is responsible for generating RBC\u2019s US economic forecasts across GDP, employment, and inflation, and providing macro commentary through publications, presentations, and the media.<\/em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Imri Haggin<\/strong>&nbsp;is an <em>US<\/em><\/em> <em>Economist at RBC, where he focuses on thematic research. His prior work has centered on consumer credit dynamics and treasury modeling, with an emphasis on leveraging data to understand behavior.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":345,"featured_media":12094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[86],"tags":[11,118,65,110],"rbc_econ_content_type":[],"class_list":["post-13602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-week-ahead","tag-economy","tag-fed","tag-inflation","tag-u-s"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.1 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Services will be the sticking point for an inflation-sensitive Fed - RBC Economics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Services will be the sticking point for an inflation-sensitive Fed\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/\" \/>\n<meta property=\"og:site_name\" content=\"RBC Economics\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-07T16:39:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-07T18:37:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"3067\" \/>\n\t<meta property=\"og:image:height\" content=\"1850\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"kaisneffati\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"kaisneffati\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-week-ahead\\\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-week-ahead\\\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\\\/\"},\"author\":{\"name\":\"kaisneffati\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#\\\/schema\\\/person\\\/061031173a499f8d460b09eea9d4e792\"},\"headline\":\"Services will be the sticking point for an inflation-sensitive Fed\",\"datePublished\":\"2026-08-07T16:39:11+00:00\",\"dateModified\":\"2026-08-07T18:37:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-week-ahead\\\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\\\/\"},\"wordCount\":560,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-week-ahead\\\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/06\\\/FG.webp\",\"keywords\":[\"Economy\",\"Fed\",\"Inflation\",\"U.S.\"],\"articleSection\":[\"U.S. Week Ahead\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-week-ahead\\\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-week-ahead\\\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\\\/\",\"url\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-week-ahead\\\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\\\/\",\"name\":\"Services will be the sticking point for an inflation-sensitive Fed - RBC Economics\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-week-ahead\\\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-week-ahead\\\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/06\\\/FG.webp\",\"datePublished\":\"2026-08-07T16:39:11+00:00\",\"dateModified\":\"2026-08-07T18:37:26+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#\\\/schema\\\/person\\\/061031173a499f8d460b09eea9d4e792\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-week-ahead\\\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-week-ahead\\\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-week-ahead\\\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/06\\\/FG.webp\",\"contentUrl\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/06\\\/FG.webp\",\"width\":3067,\"height\":1850},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-week-ahead\\\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Services will be the sticking point for an inflation-sensitive Fed\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#website\",\"url\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/\",\"name\":\"RBC Economics\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#\\\/schema\\\/person\\\/061031173a499f8d460b09eea9d4e792\",\"name\":\"kaisneffati\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8dfa5a83dce373612cea121f54033bdd16db8210d39e32409f339a955c0ceb71?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8dfa5a83dce373612cea121f54033bdd16db8210d39e32409f339a955c0ceb71?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8dfa5a83dce373612cea121f54033bdd16db8210d39e32409f339a955c0ceb71?s=96&d=mm&r=g\",\"caption\":\"kaisneffati\"},\"url\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/author\\\/kaisneffati\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Services will be the sticking point for an inflation-sensitive Fed - RBC Economics","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/","og_locale":"en_US","og_type":"article","og_title":"Services will be the sticking point for an inflation-sensitive Fed","og_url":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/","og_site_name":"RBC Economics","article_published_time":"2026-08-07T16:39:11+00:00","article_modified_time":"2026-08-07T18:37:26+00:00","og_image":[{"width":3067,"height":1850,"url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG.webp","type":"image\/webp"}],"author":"kaisneffati","twitter_card":"summary_large_image","twitter_misc":{"Written by":"kaisneffati","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/#article","isPartOf":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/"},"author":{"name":"kaisneffati","@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/061031173a499f8d460b09eea9d4e792"},"headline":"Services will be the sticking point for an inflation-sensitive Fed","datePublished":"2026-08-07T16:39:11+00:00","dateModified":"2026-08-07T18:37:26+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/"},"wordCount":560,"commentCount":0,"image":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG.webp","keywords":["Economy","Fed","Inflation","U.S."],"articleSection":["U.S. Week Ahead"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/","url":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/","name":"Services will be the sticking point for an inflation-sensitive Fed - RBC Economics","isPartOf":{"@id":"https:\/\/www.rbc.com\/en\/economics\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/#primaryimage"},"image":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG.webp","datePublished":"2026-08-07T16:39:11+00:00","dateModified":"2026-08-07T18:37:26+00:00","author":{"@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/061031173a499f8d460b09eea9d4e792"},"breadcrumb":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/#primaryimage","url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG.webp","contentUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG.webp","width":3067,"height":1850},{"@type":"BreadcrumbList","@id":"https:\/\/www.rbc.com\/en\/economics\/us-week-ahead\/services-will-be-the-sticking-point-for-an-inflation-sensitive-fed\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rbc.com\/en\/economics\/"},{"@type":"ListItem","position":2,"name":"Services will be the sticking point for an inflation-sensitive Fed"}]},{"@type":"WebSite","@id":"https:\/\/www.rbc.com\/en\/economics\/#website","url":"https:\/\/www.rbc.com\/en\/economics\/","name":"RBC Economics","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rbc.com\/en\/economics\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/061031173a499f8d460b09eea9d4e792","name":"kaisneffati","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/8dfa5a83dce373612cea121f54033bdd16db8210d39e32409f339a955c0ceb71?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8dfa5a83dce373612cea121f54033bdd16db8210d39e32409f339a955c0ceb71?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8dfa5a83dce373612cea121f54033bdd16db8210d39e32409f339a955c0ceb71?s=96&d=mm&r=g","caption":"kaisneffati"},"url":"https:\/\/www.rbc.com\/en\/economics\/author\/kaisneffati\/"}]}},"author_meta":{"display_name":"kaisneffati","author_link":"https:\/\/www.rbc.com\/en\/economics\/author\/kaisneffati\/"},"featured_img":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG.webp?quality=80&w=300","jetpack_featured_media_url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/FG.webp","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-week-ahead\/\" class=\"advgb-post-tax-term\">U.S. Week Ahead<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">U.S. Week Ahead<\/span>"]},"tags":{"linked":["<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-week-ahead\/\" class=\"advgb-post-tax-term\">Economy<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-week-ahead\/\" class=\"advgb-post-tax-term\">Fed<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-week-ahead\/\" class=\"advgb-post-tax-term\">Inflation<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-week-ahead\/\" class=\"advgb-post-tax-term\">U.S.<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Economy<\/span>","<span class=\"advgb-post-tax-term\">Fed<\/span>","<span class=\"advgb-post-tax-term\">Inflation<\/span>","<span class=\"advgb-post-tax-term\">U.S.<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 1 day ago","modified":"Updated 1 day ago"},"absolute_dates":{"created":"Posted on August 7, 2026","modified":"Updated on August 7, 2026"},"absolute_dates_time":{"created":"Posted on August 7, 2026 4:39 pm","modified":"Updated on August 7, 2026 6:37 pm"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/13602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/users\/345"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/comments?post=13602"}],"version-history":[{"count":9,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/13602\/revisions"}],"predecessor-version":[{"id":13679,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/13602\/revisions\/13679"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/media\/12094"}],"wp:attachment":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/media?parent=13602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/categories?post=13602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/tags?post=13602"},{"taxonomy":"rbc_econ_content_type","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/rbc_econ_content_type?post=13602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}