From Breakingviews - Consumers are the next transitory guessing game
Managing these mixed signals may be problematic for Federal Reserve Chair Jay Powell. The central bank has signaled rate hikes of 0.5 percentage points for the next few meetings, instead of bigger increases that could tame inflation faster.could throw that plan off by sending costs higher, along with food supply shortages and Covid-19 lockdowns in China.
American savings rate has fallen this year as stimulus funds dwindle. But inflation slowed for the first time in months to a bump of 0.2% in April from March – albeit still close to a 40-year high – while wage growth was higher at 0.4%. The lesson from 2022 so far has been that rising costs weren’t fleeting after all. There’s still room to hope that consumer spending isn’t either.- Personal consumption expenditures in the United States rose 0.
- The PCE price index, a measure of inflation looked at closely by the Federal Reserve, rose 0.2% in April from the previous month and 6.3% year-over-year. - Separately, U.S. retail sales rose 0.9% in April from the previous month and 8.2% year-over-year, the Commerce Department said on May 17.Editing by John Foley and Amanda GomezOpinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.Sign up to our investor newsletter to get the latest news and trends in global financial markets.
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