This Week's State Of The Economy - What Is Ahead? - 14 April 2023

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Apr 20, 2023

This Week's State Of The Economy - What Is Ahead? - 14 April 2023

On balance, this week's data show the U.S. economy is losing momentum.  I also lost momentum on Friday…thus I’m getting this to you late Saturday.  Hopefully nobody has been sitting by their computer this whole time anxiously awaiting the arrival of my normal Friday distribution.

Indicative of the economy’s slowdown, in March retail sales fell 1.0%, manufacturing production slipped 0.5% and the consumer price index rose a modest 0.1%. Underlying strength in core inflation suggests the FOMC will raise rates at its next meeting in May, but the Wells Fargo economics brain trust believes the tightening cycle will end there at a terminal target range of 5.00%-5.25%.  That would be a welcome relief to borrowers, but we’ll see.




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