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As interest rates skyrocketed over the last 18 months, inflation fell from a 40-year high during the summer of 2022.
Laoshi/Getty ImagesMcCulley echoed this when asked if strong retail sales are sign that the economy is not coming in for a soft landing.
In the short term, further declines in inflation could be difficult if people are spending money they saved during the pandemic.
Strong consumer spending is a good sign, but the economy is not out of the woods yet.
Persons:
it's, —, Daniel Greenhaus, Greenhaus, Paul McCulley, McCulley, Tim Quinlan, Quinlan, Laoshi, didn't, Tom Barkin, ZIlloq, Paul Bradbury, Patrick Harker, Harker
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Wells Fargo