Renewed progress on inflation amid sustained consumer spending
Summary
If Fed policymakers were making wishes, they'd want services spending to cool, goods spending to pick up and for all of this to happen with inflation coming down and a labor market strong enough to sustain income growth. Today's personal income and spending report largely granted those wishes.
Source: U.S Department of Commerce and Wells Fargo Economics
Is your house on fire, clark?
The defining economic news this week was a more hawkish turn from policymakers at the Federal Reserve, and today's personal income and spending report adds some new dimensions to the Fed's progress. The defining challenge this year for policymakers has been to put out the inflation fire without causing water damage to the labor market, and today's data suggest some welcome progress in that endeavor.
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