Fed Governor Christopher Waller said further rate hikes were still needed to curb inflation, adding that investors shouldn’t “expect rates to fall any time soon.”sharply higher as investors upped their bets on further Fed monetary policy tightening ahead just as data showed signs of weakness in the consumer.
The report showed “further slowing in consumer spending, but importantly, not a sharp deterioration,” Morgan Stanley said in a note. “The largest declines were driven by a reversal in gas prices, but there was also broad-based weakness across nearly every category of spending,” it added.
Bigger picture, nearing the end of hikes. We are through the worst and market is looking ahead.
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