Economists this week are embracing a higher probability that the Fed will achieve a "soft landing."
A much-hoped-for "soft landing" indeed seems increasingly likely now as inflation cools and the job market remains strong.
US retail and food services sales were up 1.6% from April to June, following a slight decline in March.
"Consumers are far from depressed, but neither are they in celebratory mood," GlobalData retail analyst Neil Saunders said in a note.
As consumer spending accounts for roughly 70% of the US economy, the continued strength in that area has been key to the US outperforming every other wealthy nation in the world.
Persons:
—, Jerome Powell, Alastair Borthwick, Neil Saunders
Organizations:
Fed, Service, Commerce Department, Bank of America, Retailers
Locations:
Wall, Silicon