Reported over 1 year ago
The U.S. retail sales in May only increased by 0.1% month-on-month, below market expectations, with a slowdown in yearly growth to 2.3%, reflecting the ongoing impact of high inflation and interest rates on consumer spending. After the release of May retail data, market expectations for a rate cut by the U.S. Federal Reserve (Fed) this year have increased. The Federal Reserve Bank of Philadelphia President Harker mentioned that if his economic forecast comes true - with economic growth slowing but above trend, a slight increase in unemployment rate, and inflation gradually falling to the target level, then the Fed may only cut rates once this year.
Source: YAHOO