Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
WASHINGTON, Nov 1 - Throughout its two-year battle with inflation, the Federal Reserve has tried to squeeze consumers hard enough through higher interest rates that they stop spending, bring demand in line with supply, and drive U.S. economic growth below its potential to ease price pressures.With financial markets expecting the U.S.
But recent weeks have provided little clarity on when that might happen, with long-awaited turns lower in hiring, housing inflation, services spending and other key data points postponed by an economy that won't quit. DOUR CONSUMERS STILL SPENDING The U.S. central bank is due to release its latest policy statement at 2 p.m. EDT . Fed Chair Jerome Powell will hold a press conference half an hour later.
As of the September meeting, Fed officials said they still felt one more rate hike would be necessary. If anything, the data since then has likely left that door open. Since pandemic-era programs pumped trillions of dollars into household bank accounts, economists have tried to come to terms with when those extra savings would be exhausted. After the U.S. government reported the eye-popping third-quarter economic growth reading last week, some analysts reassessed and suggested there was still perhaps $1 trillion left to feed consumption and, potentially, higher prices.
"Consumers continued to be preoccupied with rising prices in general, and for grocery and gasoline prices in particular," Dana Peterson, the Conference Board's chief economist, said on Tuesday after the business group reported that its consumer expectations index for October remained below a level that has typically signaled a coming recession."Consumers also expressed concerns about the political situation and higher interest rates.
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