The Feds quagmire: two steps forward and two steps back as PCE rises in April
The BLS released the latest data on inflation, the personal consumption expenditures price index for April 2023 today. Inflation rose by 0.4% last month, an increase of 4.7% compared to a year ago.
Right after the report was released the CME's Fedwatch tool quickly rose to a 70.5% chance that the Fed will raise rates by a quarter percent at the June FOMC meeting. A far cry from recent statements by Chairman Powell at a Fed in mid-May. The chairman said that the central bank terminal rate has become elevated to a point where its effect on consumers and businesses is high enough to restrain borrowing spending and contract economic growth.
Just one week ago the CME's FedWatch tool predicted that there was a 17.4% probability that the Federal Reserve would raise rates at the next FOMC meeting in the middle of June. Just yesterday the probability climbed to 51.7% and is now at 70.5%. One week ago it was predicting an 82.6% probability that the Federal Reserve would enact its first rate hike pause in 15 months.
Add to that it seems as though actions by the Federal Reserve are lowering inflation two steps forward as the report reveals inflation is taken two steps back.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trudeau: Feds will fix outdated Canadian water use lawsPrime minister repeats promises to update legislation while announcing the location of the headquarters of the Canada Water Agency
Read more »
Feds support Northern Ontario Agri-Food Pavilion with $680KThe pavilion will be set up at Exhibition Place in Toronto for the 2023 Royal Agricultural Winter Fair taking place Nov. 3-11
Read more »
Feds announce funding for Akwesasne after migrant deaths in St. Lawrence RiverMore than $12 million will go towards policing and other initiatives over the next five years
Read more »
Feds warned about risks of delaying 24 Sussex decision almost a year before it closedAlmost a year before the closure of 24 Sussex Drive due to disrepair and an infestation of rodents, the chairman of the National Capital Commission's board of directors warned that further delaying a cabinet decision on the fate of the residence would put the whole structure at risk.
Read more »
Feds announce funding for Akwesasne after migrant deaths in St. Lawrence RiverMore than $12 million will go towards policing and other initiatives over the next five years
Read more »
Feds warned about risks of delaying 24 Sussex decision almost a year before it closedAlmost a year before the closure of 24 Sussex Drive due to disrepair and an infestation of rodents, the chairman of the National Capital Commission's board of directors warned that further delaying a cabinet decision on the fate of the residence would put the whole structure at risk.
Read more »