2024-05-20 03:26:00 ET
Summary
- Consumer confidence for April came in well below economists’ expectations (both the Conference Board and the Michigan sentiment indexes).
- The market loves itself a Goldilocks economy, where modest growth is paired with declining inflation and, of course, a better likelihood of interest rate cuts.
- With the chance of a Fed funds rate cut in June now all but off the table, investors are looking ahead to September as a more likely occurrence than the prevailing wisdom had it just a couple weeks ago.
When the first quarter Gross Domestic Product ((GDP)) numbers came out a few weeks ago, we were among the many observers who noted that the lower-than-expected growth rate (1.6 percent real quarter-on-quarter growth, annualized) was actually not all that bad, with both consumer spending and private business investment - arguably the economy’s two most important growth drivers - sustaining their recent healthy trends....
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For further details see:
The Slowdown Is Here, And Markets Cheer