This was a jam-packed week for the US economy: May CPI data came ahead of Wednesday's Federal Reserve interest rate decision, jobless claims and May's Producer Price Index were released on Thursday, topped by consumer sentiment data Friday morning.makes sense of all this economic data, including the state of the consumer under inflated prices and the Fed's own interest rate cut outlook for the remainder of 2024.
And so that, too we saw producer prices actually falling on a month over month basis, which hasn't happened in a long time as well.And that showed that even if inflation data is decelerating, it's not something that consumers feel real great about because they are still see, for example, 3.4% higher prices year over year.For that consumer sentiment in early June, it was worse than expected, and people are still expecting higher prices as well.
But it seems to reflect perhaps a little bit more uneasy uneasiness about incomes and about the job market.Yeah, we got to put it all together, Right? Cutting rates, which, as we've talked about before, affects a whole host of things that affect you and me and everybody watching right now, from mortgages to auto loans to much more