U.S. economy is losing momentum. A recession around the corner?
Retail sales and industrial production fell more than expected. With a recession on the horizon, silver may fly if the Fed stops the hikes!
Retail sales fell 1.1% in December, following a downwardly revised drop of 1% in November. The decline was larger than expected, and it was the biggest decrease in 12 months. The fall is really disturbing as we are talking about the holiday shopping period. However, the sales were reduced in part because of the decline in prices.
The latest edition of the Beige Book also doesn't inspire optimism. According to the report, five of the Fed's districts reported slight or modest increases in overall economic activity over the last several weeks, while six noted no change or slight declines from the previous reporting period, and one cited a significant decline.The disinflationary pressure and widespread signs of weakening demand could encourage the Fed to further decelerate the pace of its interest rate hikes.
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