{"id":12330,"date":"2023-11-10T20:10:37","date_gmt":"2023-11-10T20:10:37","guid":{"rendered":"https:\/\/infundpros.com\/business\/americans-attitudes-about-the-economy-worsened-for-the-fourth-straight-month\/"},"modified":"2023-11-10T20:10:38","modified_gmt":"2023-11-10T20:10:38","slug":"americans-attitudes-about-the-economy-worsened-for-the-fourth-straight-month","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12330","title":{"rendered":"Americans\u2019 attitudes about the economy worsened for the fourth straight month"},"content":{"rendered":"
\n

\n Americans are becoming gloomier about the economy with interest rates at a 22-year high and economic <\/strong>growth widely expected to slow.\n <\/p>\n

\n The University of Michigan\u2019s measure of consumer sentiment fell 5% in November, according to a preliminary reading released Friday. That was the fourth consecutive month that sentiment soured, after improving over the summer.\n <\/p>\n

\n The drop was mostly driven by the expected effects of higher interest rates.\n <\/p>\n

\n \u201cOngoing wars in Gaza and Ukraine weighed on many consumers as well,\u201d the university\u2019s surveys of consumers director, Joanne Hsu, said in a release.\n <\/p>\n

\n Changes in how consumers are feeling varied greatly. Sentiment among young and lower-income US consumers declined the most in the beginning of the month, while sentiment among \u201cthe top tercile of stock holders improved 10%, reflecting the recent strengthening in equity markets,\u201d the release said.\n <\/p>\n

\n Meanwhile, both short-term and long-term inflation expectations worsened this month. Americans\u2019 expectations for inflation rates in the year ahead rose to 4.4% in November, up from October\u2019s 4.2% reading. That\u2019s up markedly from September\u2019s 3.2% and is the highest reading since November 2022.\n <\/p>\n

\n In a worrisome sign for the Federal Reserve, long-run inflation expectations rose to 3.2% this month, the highest level since 2011. The Fed is intently focused on Americans\u2019 perceptions of inflation. If people simply accept higher prices as a new normal, that can make the central bank\u2019s job of taming inflation extremely difficult.\n <\/p>\n

\n \u201cInvestors should expect the Fed to highlight its commitment to the 2% inflation target but the rise in long-run inflation expectations indicate consumers are not convinced the Fed can fulfill its inflation mandate,\u201d wrote Jeffrey Roach, chief economist at LPL Financial, in an analyst note Friday.\n <\/p>\n

\n The Fed wants demand to slow
\n<\/h2>\n

\n Fed Chair Jerome Powell gave financial markets a reality check Thursday when he said it\u2019s still not certain that inflation is on track to slow to the central bank\u2019s 2% goal.\n <\/p>\n

\n \u201cWe know that ongoing progress toward our 2% goal is not assured: Inflation has given us a few head fakes,\u201d Powell said at a conference hosted in Washington by the International Monetary Fund. \u201cIf it becomes appropriate to tighten policy further, we will not hesitate to do so.\u201d\n <\/p>\n

\n Stocks slid after Powell\u2019s comments \u2014 snapping the S&P 500 index\u2019s longest streak of gains since November 2021 \u2014 as Treasury yields spiked. Equities ticked back up Friday morning.\n <\/p>\n

\n Powell said that demand will likely have to slow for inflation to be successfully defeated, though he acknowledged the progress made over the past year.\n <\/p>\n

\n The Fed\u2019s preferred inflation gauge \u2014 the Personal Consumption Expenditures price index \u2014 rose 3.4% in September from a year earlier, down from its four-decade peak of 7.1% in June 2022. But it was unchanged from August.\n <\/p>\n

\n Meanwhile, the core index, which strips out volatile food and energy prices, rose 3.7% in the 12 months ending in September, a slight improvement from August\u2019s 3.8% annual rise.\n <\/p>\n

\n Inflation\u2019s descent seems to have stalled a bit, after steadily slowing over the past year, and Fed officials have made it clear that they are not yet convinced inflation has been tamed.\n <\/p>\n

\n That could mean the Fed hikes once more, though it\u2019s not clear when that could be. Investors are betting on the Fed to hold rates steady for a third time during its upcoming policy meeting in December, according to the FedWatch tracking tool.\n <\/p>\n

\n Indeed, some Fed officials have recently said the central bank can afford to hold off on raising rates as they wait for more data.\n <\/p>\n

\n Richmond Fed President Thomas Barkin said holding rates steady would be a prudent move since the economy might have not yet felt the full effects of the Fed\u2019s previous 11 rate hikes.\n <\/p>\n

\n \u201cIn aggregate, we are still not seeing the full effects of policy,\u201d Barkin said Thursday, during a discussion in New Orleans.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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