NEW YORK - U.S. economic growth slowed more than expected in the first quarter, but a surprisingly hot quarterly Personal Consumption Expenditure inflation component suggested that the Federal Reserve would not cut interest rates before September.
"In a way its a confirmation of the data that's been rolling in the last few months. It's a combination of services inflation taking much longer to come down and some upward pressure on commodity prices, which will eventually start to feed into headline inflation as well. It's unfortunately a cyclical upturn for parts of the commodities world but also just a very long disinflationary process for services.
"What was pulling it down is net exports and inventories. If you take those out and you're just looking at consumption and business investments .. They would still look strong.""The market is reacting more to the PCE overshoot than the softer GDP print, and hence equity futures are lower." Ex-Aide Says Melania Trump Will Be Watching 'Every Ounce' of Hush Money Trial — and Looking for 1 Thing
Economic Growth Federal Reserve Inflation Numbers Inflation Component Gross Domestic Product
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: SaltWire Network - 🏆 45. / 63 Read more »
Source: SaltWire Network - 🏆 45. / 63 Read more »
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: timescolonist - 🏆 15. / 75 Read more »