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SPTS - Cooling U.S. Consumer Spending Points To Weakening Inflation Threat
SPDR Portfolio Short Term Treasury
2024-06-18 13:25:00 ET
Summary
US retail sales were softer than hoped in May and with April revised to show a contraction, we are seeing more evidence of a cooling consumer spending story.
With inflation pressures seemingly moderating and unemployment ticking higher, a September Fed rate cut will be on the table for discussion.
We favour three cuts this year with the Fed funds target rate getting down to the 4% level in the second quarter of 2025.
