Summary
Retail sales ticked up 0.1% from July to August, after jumping the most in a year and a half. Online retailers, sporting goods stores, and home and garden stores all reported higher sales.
The Fed could provide a further boost to consumers and the economy by lowering borrowing costs. Average mortgage rates have already fallen in anticipation of the Fed’s actions.
Inflation has fallen from a four-decade high of 9.1% in June 2022 to 2.5% in July. Some economists argue that the central bank does not need to keep rates that high.
