Housing, food and gas are core things families spend money on: Fmr. NEC Deputy Director Ramamurti
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- The global bond rally may have different reasons in different places
- Unemployment has decreased and inflation has come down, indicating a strong labor market and lower inflation over time
- There is reason to be cautious about the future, as we may experience a slowdown and a decrease in policy support
- Core PCE is still below target, indicating that there is still work to be done in terms of disinflation
- Households and government spending have driven GDP growth, but there are concerns about household spending and business fixed investment
- The Federal Reserve does not anticipate reaching its inflation target until late 2025
- People may be getting ahead of themselves in expecting rate cuts, as progress has been made but there is still uncertainty for 2024
- Housing affordability, the locked-up home market, and high prices are areas of concern
- Rental prices in some metro areas have been flat or declining, but homeownership affordability remains a problem
- Grocery prices have remained flat or declining, and gas prices have gone back down under $3 a gallon