Breitbart Business Digest: Fed Cuts May Have to Wait Until After the Election

The idea that the Federal Reserve might pare back rates this year is becoming increasingly threadbare, a testament more to wishful thinking than to any discernible reality.said this week that nominal personal income rose 0.3 percent in February from the prior month. Spending surged a vigorous 0.8 percent month-on-month. Even after adjusting for inflation,, laying to rest any lingering apprehensions regarding a potential retail malaise seeping into the broader contours of consumer expenditure.

Services spending saw a noteworthy ascension of 0.6 percent month-on-month, a climb all the more remarkable given the pronounced dip in utilities—a testament, perhaps, to the breadth and depth of the. This services surge, broad-based and undeniable, can be seen in person by anyone showing up to eat at a restaurant, schedule an appoint for a doctor or even a haircut, or take a flight out of a major U.S. airport.

The saving rate, for its part, contracted to 3.6 percent from a January figure revised upwards to 4.1 percent. The direction of the saving rate indicates a buoyancy in. Americans may not be happy about the state of the economy or the Biden administration’s leadership, but they are not hunkering down in fear of tough times ahead. As we have observed before, it’s very likely thatis supported by the labor market data received this week. February’s gentle nudge upward in job openings, from 8.

It’s been widely noted that high mortgage rates have had a “lock-in” effect on homeowners who are reluctant to give up their current mortgages with lower rates. This likely means that employers who are seeking to convince workers to move for jobs have to offer even more generous salaries because the potential employees are facing a higher cost of living. This reluctance to move due to the interest rate lock-in effect could also explain why the quits rate has plateaued at 2.2 percent for months..

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