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☆ Just 1% of all US homes changed hands so far this year
▼ + stars: | 2023-07-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Just 1% of all US homes changed hands in the first half of this year, the lowest share in at least a decade, according to data from Redfin. Just 11 of every 1,000 two-and three-bedroom urban homes have changed hands in 2023. Only 6 of every 1,000 homes in San Jose have sold so far in 2023, similar to the low turnover rates in Oakland and San Diego. The turnover rate shrank most from the pre-pandemic years in the suburbs, with 16 of every 1,000 four-bedroom or more suburban houses changing hands so far this year, two-thirds as many as 2019. That’s not happening, because so many of those homeowners have low mortgage rates.”

Persons: ”, Taylor Marr, “, Marr, Heather Mahmood, Corley Organizations: DC CNN, Redfin, “, . Workers Locations: Washington, “, California, San Jose, Oakland, San Diego, Nashville, Austin, Newark , New Jersey, Phoenix

☆ Retail sales rose in June for third straight month
▼ + stars: | 2023-07-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Spending at US retailers rose in June for the third month in a row, in a subdued show of resilience from American consumers. Retail spending, which is adjusted for seasonality but not inflation, rose 0.2% in June, the Commerce Department reported Tuesday. Furniture sales jumped 1.4% in June from the prior month, while spending at department stores fell by 2.4% during the same period. Excluding sales at gasoline stations and on cars and parts, retail sales rose 0.3% in June from May. From a year earlier, overall retail sales rose 1.5% in June, the second-weakest pace since May 2020.

Persons: ”, Ian Shepherdson, Kieran Clancy, —, Lydia Boussour Organizations: DC CNN, Retail, Commerce Department, ”, Employers, Federal Reserve, ” Fed, Fed Locations: Washington, EY

☆ Despite shakeup at the Fed, a rate hike in September is likely
▼ + stars: | 2023-07-17 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Fed Chair Powell has said the Fed still has more work to do, and he himself hasn’t ruled out back-to-back rate hikes. But he also suggested that the Fed prefers to get rate hikes over with as soon as possible. The Fed is overwhelmingly expected to raise its key federal funds rate later this month after it paused in June after 10 straight rate hikes. If core inflation continues to moderate only slightly, Fed officials might just want to get the second rate hike over with. The FOMC next meets on July 25-26, with an announcement on rate hikes due at 2 p.m.

Persons: Louis, James Bullard, Adriana Kugler, Powell, hasn’t, Christopher Waller, ” Waller, ”, weren’t, Kugler, That’s Organizations: DC CNN, Federal Reserve, Fed, Louis Fed, Market Committee, “, New York University Locations: Washington, April’s

☆ The US is short on homes. Here’s how builders are still offering the American Dream
▼ + stars: | 2023-07-14 | by ( Anna Bahney | ) edition.cnn.com time to read: +8 min

This relatively new and growing segment of the housing market is called “build for rent” or BFR (or “build to rent” or BTR). Often constructed in suburban areas with low crime and near good schools, BFR homes attract those who want the lifestyle of a house — but the affordability or convenience of renting. Over the past few years, however, large investment groups — like Home Partners of America or Invitation Homes — have got into buying up existing single-family homes to rent. Miller said demand for BFR homes is strong and suit a modern way of living involving remote work, lifestyle moves and delayed homeownership. Even as a small portion of the market, those BFR homes that are being built are not the smaller, more affordable homes that middle-income earners are looking for.

Persons: ”, David Howard, Howard, “, Ben Miller, ” Miller, Miller, Donald Trump’s, homeownership, Bruce McNeilage, ” McNeilage Organizations: DC CNN, National Rental Home, National Rental Home Council, Urban Institute, Home Partners of America, Research, Joint Center for Housing Studies, Harvard University, Kinloch Partners, Survey Locations: Washington, Texas , California , Arizona, Florida, North Carolina, Georgia, BFR, United States, Nashville, Greenville , South Carolina, Yardi

☆ Americans continue to feel confident about the economy and inflation
▼ + stars: | 2023-07-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —Inflation’s steady slowdown in recent months has kept Americans feeling optimistic about the future. Consumer sentiment tracked by the University of Michigan rose 13% in July, the second straight month of improvement, according to a preliminary reading released Friday morning. Meanwhile, the report showed that consumers’ expectations for inflation rates remained at their lowest levels since early 2021. Consumers see inflation rates of 3.4% in the year ahead, and while that’s well below last year’s 5.4% peak, it’s slightly higher than the previous reading. “I feel like we are on a golden path of avoiding recession,” Chicago Fed President Austan Goolsbee told CNBC last week.

Persons: ”, Joanne Hsu, “, Austan Goolsbee Organizations: DC CNN, University of Michigan, Consumers, Chicago Fed, CNBC Locations: Washington

☆ Mortgage rates jump higher, closing in on 7%
▼ + stars: | 2023-07-13 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US mortgage rates climbed higher this week, inching closer to 7% and reaching their highest level since November. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Mortgage rates have remained over 5% for all but one week during the past year and even went as high as 7.08%, last reached in November. “The strong job market will continue to drive demand in the economy, fuel price increases and contribute to higher inflation,” Xu said. Strong labor market encourages some buyersEven as the average mortgage rate pushed toward 7%, reaching its highest level this year last week, mortgage applications still ticked up a bit, according to the Mortgage Bankers Association.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, ” Xu, Bob Broeksmit, Xu, “ Organizations: DC CNN, Mortgage, Association Locations: Washington

☆ Renters are being hit harder by inflation than homeowners
▼ + stars: | 2023-07-12 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Renters and homeowners are experiencing inflation differently, according to new data from Bank of America — and, unsurprisingly, renters are taking the hit. Secondly, even if a typical mortgage payment is higher than a typical monthly rent payment, because renters’ income tends to be less than homeowners, more renters put a larger share of their income toward rent than homeowners put toward mortgage payments. Restaurants are the only sector where homeowners and renters are both still showing an increase in spending from last year, and homeowners significantly outpace renters. Even controlling for income — which is necessary because renters tend to have lower incomes than homeowners — renters are showing less spending strength than homeowners in their same income group in most spending categories. Looking ahead, however, this wedge between the spending of renters and homeowners may narrow, the report points out.

Persons: Bank of America —, Freddie Mac’s, —, Freddie Mac Organizations: DC CNN, Bank of America, Consumer, Federal Reserve, Joint Center for Housing Studies, Harvard University Locations: Washington

☆ The number of small firms raising prices fell to the lowest level since March 2021
▼ + stars: | 2023-07-11 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —The number of small businesses saying they raised their prices fell in June to its lowest level since March 2021, according to a survey released Tuesday by the National Federation of Independent Business. The share of respondents who reported higher prices dropped by three points last month to 29%, “still a very inflationary level but trending down,” the report showed. “Inflation and labor shortages continue to be great challenges for small businesses,” said the NFIB’s chief economist Bill Dunkelberg in a release. The current tight labor market has been keeping pressure on employers to raise prices to protect their margins — a dynamic that Fed Chair Jerome Powell discussed in recent remarks. The impact of improving supply chainsThe economy has slowed from its red-hot pace after rebounding from the pandemic, but some dynamics that prompted businesses to raise prices have been slowly unwinding.

Persons: “, Kieran Clancy, ”, Bill Dunkelberg, Jerome Powell, Mary Daly Organizations: DC CNN, National Federation of Independent Business, Pantheon, Federal Reserve, Fed, Research, San Francisco Fed Locations: Washington, San

☆ San Francisco Fed president: Silicon Valley Bank’s failure wasn’t our fault
▼ + stars: | 2023-07-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —Silicon Valley Bank failed because regulators were far too slow to take action, San Francisco Federal Reserve Bank President Mary Daly said Monday in her first extended remarks about the collapse. SVB operated in Daly’s district before the regional bank’s stunningly rapid failure in March, but she noted she doesn’t have a supervising role. Daly said the supervisors at the San Francisco Fed simply report issues to the Fed’s Board of Governors, which is ultimately responsible for fixing any regulatory issues. “My job is to support the supervision that the vice chair of supervision has set out, so how do I do that? The possibility of a rate hike in September remains unclear, though Powell said he wouldn’t take consecutive rate hikes off the table.

Persons: Mary Daly, SVB, ” Daly, Michael Barr, Democratic Sen, Elizabeth Warren, Daly, Jerome Powell, Warren, ”, Barr, it’s, It’s, Powell, Loretta Mester, Mester, “, Raphael Bostic, ” Bostic, ” — CNN’s Elisabeth Buchwald Organizations: DC CNN, Valley Bank, San Francisco Federal Reserve Bank, Brookings Institution, Signature Bank, First Republic Bank, Democratic, San Francisco Fed, Fed’s, of Governors, Fed, San Francisco, Cleveland Fed, University of California, Atlanta Fed, trickling, Cobb County Chamber of Commerce Locations: Washington, Daly’s district, Washington ,, San Francisco Fed, San Diego, Cobb County, Atlanta

Washington, DC CNN —Florida is America’s inflation hotspot, thanks to a persistent problem with sky-high housing costs. The Miami-Fort Lauderdale-West Palm Beach area has the highest inflation rate of metro areas with more than 2.5 million residents, with a 9% inflation rate for the 12 months ended in April. Urban Hawaii had the second lowest inflation rate at 2% — mirroring the Federal Reserve’s target for its preferred inflation gauge, the Personal Consumption Expenditures index. A vexing inflation problem in the Sunshine StateIn Florida, the state’s growing population has been pushing up inflation — particularly via housing costs. Even though the Twin Cities’ inflation rate is currently the lowest among major cities, it might not feel that way to residents, Schipper said.

Persons: That’s, ”, Amanda Phalin, Phalin, “, ” Phalin, Paul, Tyler Schipper, Thomas, Schipper, “ You’re, Latoya Rogers, Kaiji Chen Organizations: DC CNN, Fort, Consumer, Labor Department, Urban, Sunshine State, University of Florida, Labor, Tampa, University of St, of Labor Statistics, CPI, Twin, Federal Reserve Bank of, Fed, Cub, Costco, Sam’s, Atlanta, Emory University Locations: Washington, Florida, Miami, Fort Lauderdale, West Palm Beach, Tampa, St, Petersburg, Clearwater, Minneapolis, Urban Hawaii, Sunshine State In Florida, New York, Tampa Bay, “, Twin Cities, Federal Reserve Bank of Minneapolis ’, Midwest, Minnesota, Cities, Atlanta, Sandy Springs, Roswell, —

☆ Expect more rate hikes from the Fed after the latest jobs report
▼ + stars: | 2023-07-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Job gains remain robust, wage growth is still going strong, and unemployment continues to hover near historic lows. That means the job market is still fueling demand in the economy, which the Fed has been trying to slow through rate hikes. Assessing the labor marketThe Fed wants to see the labor market slow down broadly, bringing it into “better balance,” as Powell has frequently described it. And there has been some progress on bringing the job market back into better balance while inflation has come down. “The focus is on the path of wage inflation because of its pass-through to services inflation,” said Sonia Meskin, head of US Macro at BNY Mellon IM.

Persons: Austan Goolsbee, “, ”, Lorie Logan, John Williams, Jerome Powell, Powell, Dave Gilbertson, Powell homed, Goolsbee, Gilbertson, Sonia Meskin, Joe Biden’s Organizations: DC CNN, Federal Reserve, Federal Reserve Bank of Chicago, Fed, Federal Reserve Bank, Dallas, Central Bank Research Association, ” Fed, New, ”, CNN, Labor, CNBC, BNY Mellon, Commerce Department Locations: Washington, New York, April’s

☆ Mortgage rates jump to 6.81%, their highest level this year
▼ + stars: | 2023-07-06 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US mortgage rates jumped up this week as recent economic data showed inflation remains sticky and the job market is still red hot. The 30-year fixed-rate mortgage averaged 6.81% in the week ending July 6, up from 6.71% the week before, according to data from Freddie Mac released Thursday. “Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far,” said Sam Khater, Freddie Mac’s chief economist. These high rates combined with low inventory continue to price many potential homebuyers out of the market.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Rates ticked up last week, mirroring the trend of the yield on 10-year Treasuries, which are reacting to economic data that suggests stubborn inflation may be stuck at an elevated level.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, “, Xu, homebuyers, Joel Kan Organizations: DC CNN, “, Federal Reserve, Realtor.com, ”, Mortgage, Association Locations: Washington, ”

☆ There was an intense debate at the Fed over pausing rate hikes, minutes show
▼ + stars: | 2023-07-05 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Fed officials vigorously debated whether to hike rates again or hold them steady, according to minutes from the most recent meeting, released Wednesday. The Fed held its key federal funds rate steady at a range of 5-5.25%, snapping a streak of 10 consecutive rate hikes since the Fed began lifting rates in March 2022. The Fed wants to see the labor market, which include monthly job and wage gains, slow to a pace that’s consistent with 2% inflation. Job openings are down from their record high last year and the rate of quitting has slowed to near pre-pandemic levels. Consumer spending has cooled in the past several months, according to figures from the Commerce Department.

Persons: Jerome Powell, ”, Quincy Krosby, Powell, “, Joe Biden’s Organizations: DC CNN — Fed, Fed, LPL, Commerce Department Locations: Washington, April’s

☆ Americans are growing optimistic about inflation
▼ + stars: | 2023-06-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —With inflation continuing to slow, US consumers are taking notice — and they’re feeling more optimistic. That was due to inflation’s steady retreat in recent months and consumers feeling more cheery about the economy’s future. Consumers’ economic outlook for the year ahead jumped 28% over last month. More action from the Fed is centered on core inflation remaining stubbornly high and not decelerating as fast as the headline number. The optimism reflected in the survey means US consumers have faith that inflation will eventually slow to a sustainable level, which the Fed defines as 2% inflation.

Persons: ”, Joanne Hsu, Brian Moynihan, Joe Biden’s, Jerome Powell, Powell Organizations: DC CNN, University of Michigan, Consumers, Commerce Department, Federal, Bank of America, CNN, European Central Bank, Market Committee, Fed Locations: Washington, April’s, ”

☆ US economic growth expanded much faster in the first quarter than previously estimated
▼ + stars: | 2023-06-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —The US economy expanded at a much faster pace in the first three months of the year than previously estimated, the Commerce Department reported on Thursday. Gross domestic product, the broadest measure of economic output, rose by an annualized rate of 2% in the first quarter, up from the second estimate of 1.3%. Consumer spending accounts for about two-thirds of economic output and the latest estimate incorporated data from the Commerce Department’s Quarterly Services Survey. The revised trade flows contributed positively to GDP, with exports rising more than previously estimated while imports were revised down. And consumers might spend a bit more as the still try to recoup lost time or secure purchases they previously weren’t able to.

Persons: —, ”, Gregory Daco, Ernst & Young, “, Jerome Powell, Bill Adams Organizations: DC CNN, Commerce Department, Gross, Commerce Department’s Quarterly Services Survey, Ernst &, Fed, “ Consumers, Comerica Bank, CNN Locations: Washington

And while Biden’s growing list of Republican challengers differ on many issues, when it comes to the economy, they’re in agreement that Biden failed. In addition, a tight labor market has left many small businesses with ongoing hiring difficulties. Here’s what Biden can take credit for – and what he can’t. In other aspects, the labor market certainly had a boost from Biden’s fiscal policies. Since then, the American workforce has consistently outpaced the pre-pandemic workforce.

Persons: Joe Biden, “, ” Biden, Biden, Jerome Powell, ”, Ben Bernanke, Olivier Blanchard, It’s, it’s, let’s, That’s Organizations: DC CNN, Wednesday, Federal Reserve, –, Congress, American, Manufacturers, Treasury Department, P Global, Institute for Supply Management, Bureau of Labor Statistics, Republicans, Fed, International Monetary Fund, Brookings Institution, Biden, European Central Bank, Federal Reserve Bank of New Locations: Washington, Chicago, American, United States, Ukraine, Federal Reserve Bank of New York

☆ Fed Chair Powell: Not ruling out back-to-back rate hikes
▼ + stars: | 2023-06-28 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Federal Reserve Chair Jerome Powell doubled down Wednesday on the hawkish view that the central bank isn’t done tamping down inflation, and could even implement consecutive rate hikes at its upcoming monetary policy meetings. An often-cited paper by former Fed chair Ben Bernanke argued that the labor market has had a minor, but persistent, impact on inflation that can only be remedied by the economy slowing further. That makes a case for more rate hikes. The labor market has held remarkably steady in recent months, routinely bucking expectations. Employers added a robust 339,000 jobs in May, while the unemployment rate ticked up to a still-low 3.7% that month.

Persons: Jerome Powell, ” Powell, haven’t, Powell, Ben Bernanke Organizations: DC CNN — Federal, European Central Bank Locations: Washington, Sintra , Portugal

Washington, DC CNN —New home sales surged in May, as buyers looked to new construction as an alternative to the low inventory of existing homes for sale. Homeowners with ultra-low mortgage rates are reluctant to sell and buy another home at a much higher rate. Sales of existing homes have been down for the past few months, while new home sales have been rising. Mortgage rates reached as high as 6.79% at the end of May as uncertainty moved through the financial industry due to the debt ceiling standoff. This increase in mortgage rates cooled mortgage applications.

Persons: “, ”, Nancy Vanden Houten, Ryan Sweet, Eugenio Aleman, Raymond James, ” Aleman Organizations: DC CNN, US Department of Housing, Urban Development, Census Bureau, Oxford Economics, Federal Reserve Locations: Washington, Northeast, South, West

☆ Economists weigh in on Mike Pence suggestion to eliminate the Fed’s employment mandate
▼ + stars: | 2023-06-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Mike Pence, who served as Donald Trump’s vice president and is vying to helm the White House, is campaigning on eliminating the Fed’s employment mandate. And what would change if the employment mandate is done away with, if anything? Lawmakers on Capitol Hill, with the sitting president’s approval, can simply amend the Federal Reserve Act to eliminate the employment mandate or even add another one. In CNN’s town hall with Pence earlier this month, the former vice president again floated the idea of eliminating the employment mandate. It seems clear that Democrats would take issue with any attempts to rid the Fed of its employment mandate.

Persons: Mike Pence, Donald Trump’s, Jerome Powell’s, Jimmy Carter, Powell, ”, Peter Ireland, Laurence Meyer, ” Adriana Kugler, Joe Biden, “, ” Meyer, Ben Bernanke, Pence, we’ve, ” Pence, Maxine Waters Organizations: DC CNN, Federal Reserve, Fed, CNN, Reserve, Boston College, Relief, Economic Security, Fed’s, of Governors, Committee, Lawmakers, Capitol, ”, Financial Locations: Washington, Ireland, CNN’s

☆ Billionaire killed in race car crash
▼ + stars: | 2023-06-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —James Crown, a billionaire businessman who held several leadership roles including board member of JPMorgan Chase, died Sunday in a racing accident in Colorado. Crown, who also turned 70 on Sunday, died in the single-vehicle crash after colliding with an impact barrier at Aspen Motorsports Park in Woody Creek, Colorado, The Colorado Sun reported. Among his many roles, Crown was chairman and CEO of his family business, the investment firm Henry Crown and Company. In addition to serving on the JPMorgan board, he was also a board director at General Dynamics. “We extend our deepest condolences to Jim’s family and loved ones during this incredibly difficult time,” Jamie Dimon, CEO of JPMorgan Chase, said in a statement.

Persons: James Crown, JPMorgan Chase, Crown, Henry Crown, Jim’s, ” Jamie Dimon, Jim, ”, Jim Crown, Barack Obama Organizations: DC CNN, JPMorgan, Colorado . Crown, Aspen Motorsports, The Colorado Sun, Henry Crown and Company, General Dynamics, JPMorgan Chase, ”, Aspen Skiing Co, Aspen Institute, Museum of Science and Industry, Civic Committee, University of Chicago, Crown, President’s Intelligence, Local, Pitkin County Coroner’s, Forbes Locations: Washington, Colorado, Woody Creek , Colorado, The, Chicago, Pitkin County

☆ Fed Chair Powell is heading to Capitol Hill. Here’s what to expect
▼ + stars: | 2023-06-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Federal Reserve Chair Jerome Powell testifies before congressional lawmakers this week, starting Wednesday morning with the House Financial Services Committee — just one week after the central bank paused its most aggressive rate-hiking campaign in decades. Indeed, just days after the decision, two Fed officials called for more increases, citing persistent inflationary pressures. Powell will try to quell Democrats’ concerns over the Fed inducing more job losses than necessary and reassure Republicans that the central bank remains committed to fighting inflation. Financial markets see a roughly 77% chance the Fed will hike rates by another quarter point in July, according to the CME FedWatch Tool. The Fed has already published Powell’s semiannual report to Congress, which includes mostly what Powell and the post-meeting statement communicated earlier this month.

Persons: Jerome Powell, “ Powell’s, ”, José Torres, “ Powell, Christopher Waller, Thomas Barkin, Biden, Brendan Boyle, Powell, Mike Pence, Madhavi Bokil Organizations: DC CNN — Federal, House Financial, Fed, Interactive Brokers, Richmond Fed, ”, Pennsylvania Democrat, Republicans, US, Moody’s Investors, Moody’s Investors Service Locations: Washington, Pennsylvania

☆ US home construction surged in May by the fastest pace in more than a year
▼ + stars: | 2023-06-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US home building surged in May, climbing 21.7% from April, as low inventory in the existing home market continued to boost interest in new homes. Housing starts, a measure of new home construction, came in far beyond expectations that they would decline by 0.1%, according to data released Tuesday by the Census Bureau. The number of single‐family units rose in May to 1.631 million, above expectations for 1.40 million and above the revised April estimate of 1.34 million. Building permits, which track the number of new housing units granted permits, also rose in May, after dropping in March and April. The National Association of Home Builders/Wells Fargo Housing Market Index gauges market conditions and looks at current sales, buyer traffic and the outlook for sales of new construction homes over the next six months.

Persons: ”, Robert Dietz, ” Dietz, Alicia Huey Organizations: DC CNN, Housing, Census, National Association of Home Builders, Federal Reserve Locations: Washington, Wells Fargo

☆ Just days after pausing rate hikes, Fed official calls for more increases
▼ + stars: | 2023-06-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —The dust has barely settled on the Federal Reserve’s decision to pause its aggressive rate-hiking campaign — but in public appearances Friday, central bank officials have a clear message: Keep hiking. In one of the first speeches, Fed Governor Christopher Waller said Friday that additional rate increases are necessary to bring inflation down to the central bank’s 2% target. The Fed’s decision to restart hikes depends on what data show in the coming weeks and months. It is the job of bank leaders to deal with interest rate risk and nearly all bank leaders have done exactly that,” Waller said. A representative of the event said the conference wasn’t being recorded and that only registrants who paid a fee were able to attend.

Persons: Christopher Waller, ” Waller, ”, Gregory Daco, Ernst & Young, ” Powell, Waller, “, Michael Gapen, Gapen, they’re, Louis President James Bullard, Thomas Barkin Organizations: DC CNN, Federal, Norges Bank, International Monetary Fund, Ernst &, Bank, BofA Global Research, CNN, Federal Reserve Bank of St, Federal Reserve Bank of Richmond, Maryland Government Finance, Association Locations: Washington, Oslo, Norway, ”

☆ Consumers feel better/worse about inflation, economy's direction
▼ + stars: | 2023-06-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Americans are feeling upbeat about inflation and the economy, according to the University of Michigan’s latest consumer survey released Friday. Consumers’ inflation expectations for the year ahead retreated for the second straight month, declining to 3.3% early this month from 4.2% in May. That’s good news for the Federal Reserve, which closely watches sentiment surveys to gauge the expectations consumers and businesses have for price hikes. “The sharp drop of short-term consumer inflation expectations points to another slowdown in the June CPI report, which will be out before the Fed’s next decision,” wrote Bill Adams, chief economist at Comerica Bank, in an analyst note. However, Federal Reserve Chair Jerome Powell said in his news conference this week that inflation expectations remain in check.

Persons: ”, Bill Adams, Jerome Powell, That’s, Christopher Waller Organizations: DC CNN, University of Michigan’s, Federal Reserve, Comerica Bank, Federal Reserve Bank of New, National Federation of Independent Business, Federal Locations: Washington, Federal Reserve Bank of New York, Norway

☆ US retail sales rose in May
▼ + stars: | 2023-06-15 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Retail sales at stores, online and in restaurants grew 0.3% in May from April, the Commerce Department reported on Thursday. Retail sales data is adjusted for seasonality but not for inflation. Excluding sales at gasoline stations, retail spending increased by a faster clip of 0.6%. From a year ago, overall retail sales rose 1.6% in May. Impact of the labor marketWhile retail sales held up in May, spending has erred on the weaker side after a big jump in January.

Persons: Brian Field, ”, Joshua Shapiro, Maria Fiorini Ramirez, Jerome Powell, Thomas Simons, Deborah Weinswig Organizations: DC CNN, Commerce Department, Sensormatic Solutions, CNN, Federal Reserve, Jefferies, “, Coresight Locations: Washington

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