The American economy is performing well despite the two-year campaign of rate hikes, according to the latest economic indicators. Inflation-adjusted consumer spending surpassed expectations after a significant increase in wages, and traders have continued to drive stock prices higher this week, reaching record highs towards the end of the quarter.
Central bank officials have been delivering consistent messaging indicating that there is no rush to make any changes to interest rates. Fed Chair Jerome Powell emphasized this point on Friday, highlighting that the strong pace of US economic growth and robust labor market provide an opportunity to wait for inflation to subside before considering a rate cut. Despite warnings of a potential artificial intelligence-fueled tech bubble that could burst at any time, traders have continued to focus on the strength of the economy and resilient consumer rather than concerns about delays in Fed rate cuts.
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