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Always entertaining watching ideologically captured outlets like the AP come up with increasingly new ways to spin the abysmal economy to save their beloved administration. Hefty consumer spending has virtually nothing to do with how businesses set prices.
Note that I use the qualifier “virtually”. But the AP would like to pretend that hefty sales perpetuate inflationary prices.
I did not get anything in this that indicated hefty consumer spending was keeping prices up? What i got was that inflation remains ingrained. That the retail sales, and job creation remain strong, thereby not seeing a soft landing or a rate cut until september. That there is some indication of strain the consumer based on credit card defaults being up. I have my doubts about a soft landing in september as well….it is just silly that they keep talking rate cuts and how many, when in fact a rate increase of a 1/4 is probably more likely. I fully understand that Powell does not want to do that in an election year with the orangeman leading in swing states…but he will probably need to do it in June at the latest….but is gutless and really does not want trump back even though trump appointed him….
Pretty much on target.