Fresh data on inflation and unemployment filings gave Federal Reserve officials more reasons to hold off on cutting interest rates, even as retail sales suggested a slowdown in consumer spending.
Inflation has largely been retreating for the past year or so, driven especially by falling prices for goods and energy. But the latest consumer and producer price indexes from the Bureau of Labor Statistics suggest that progress that is stalling, or possibly even reversing. Shepherdson pushed his forecast for a rate cut to June on the back of the PPI report. Treasury yields popped and the dollar strengthened after the data, while the S&P 500 fell as traders bet on rates staying higher for longer.
“Six weeks ago, the FOMC was seeking ‘greater confidence’ that inflation was moving back to 2% and since then, we have gotten nothing but bad news on the inflation front,” Stanley said in a note, referring to the Federal Open Market Committee, which sets monetary policy. ADVERTISEMENT CONTINUE READING BELOW
Source: Loan Digest (loandigest.net)
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