Thursday was a sour day for the US economy — with an important silver lining
CNN
US economic data released Thursday was broadly disappointing.
US economic data released Thursday was broadly disappointing. America’s economy expanded at a weaker pace earlier this year than initially reported. The decline in home sales based on contract signings last month was much steeper than economists expected. And mortgage rates inched higher this week, thrusting the average rate back above the psychological 7% threshold. Treasury yields slipped after the release of the government’s latest measure of economic growth in the first quarter, which also showed that consumer spending was softer than previously estimated. The benchmark 10-year US Treasury yield slid below 4.6%. Thursday’s batch of economic figures shows that the economy isn’t heating back up and has instead struggled under the weight of the highest interest rates in more than two decades. And while Thursday’s indicators point to some economic pressure being felt by American consumers, it also bodes well for an eventual lowering of high borrowing costs. This silver lining is especially important after the slowdown in inflation stalled in the first quarter. Signs of inflation being stuck raised fears that the Federal Reserve could hike rates again this year or not cut them at all. Now, the possibility of rate cuts happening sometime in 2024 is back in the conversation. And the latest GDP data also showed that inflation in the first quarter was revised lower, including a measure that excludes volatile food and energy prices. That also helps strengthen the case for rate cuts.
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