We are beginning to see inflation gradually start to come down, but it’s still above the Federal Reserve’s 2% inflation target—so we can expect higher rates to stick around for longer. Broadly speaking, the narrative now is starting to turn away from inflation to focus more on growth and recession concerns. On that theme: Weekly data for retail sales has seen a steady decline since the Fed started raising interest rates in March of 2022—with the most recent print landing in negative territory.
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