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Federal Reserve Governor Michelle Bowman said Tuesday the time is not right yet to start lowering interest rates, adding she would be open to raising if inflation doesn't pull back.
The Federal Reserve is risking tipping the economy into contraction by not cutting interest rates now, according to the author of a time-tested rule for when recessions happen.
Retail spending was weaker than expected in May as consumers continued to wrestle with stubbornly higher levels of inflation.
A measure of wholesale prices unexpectedly decreased in May, adding another piece of evidence that inflation is pulling back.
The consumer price index showed no increase in May as inflation slightly loosened its stubborn grip on the U.S. economy, the Labor Department reported Wednesday.
Wednesday is shaping up to be one of the most important days of the year for economic news, as investors will hear about the path of inflation and the manner in which the Federal Reserve plans to react.
May's surprising pace of job growth and wage rise added to the conviction that the Federal Reserve will stay on hold through this summer and possibly beyond.
The U.S. economy added far more jobs than expected in May, countering fears of a slowdown in the labor market and likely reducing the Federal Reserve's impetus to lower interest rates.