Wall Street was expecting the Federal Reserve’s Summary of Economic Projections to indicate officials now expect two cuts instead of the three they’ve been forecasting since the end of last year. Fed officialsFed officials significantly raised their expectations for interest rates over the longer run
That changed in March, when the projections showed the median longer run expectation rose to 2.6 percent. In the latest set of projections, thisThis is a clear indication that the Fed understands—and wants markets to understand—that the path of interest rates has shifted upward. We’re in an economy withfrom inflation in May, providing some hope that the surge in inflation seen in the first few months of this year might have been, well,The consumer price index was flat for the month.
. According to the data, retail sales in April showed a significant slowdown after a strong performance in March. The decline was broad-based, with notable drops in sales at furniture stores, electronics and appliance stores, and online retailers. This suggests that consumers pulled back on spending, possibly due to concerns about inflation and higher interest rates impacting their purchasing power.
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