Iran war effect starts to wane as strong retail consumer spending data in May raises hopes
The U.S. retail sales increased more than expected in May, showing that people are still spending money even with high prices, according to the Commerce Department. Households spent more on motor vehicles, even though they were paying higher prices for gasoline during the same period. US retail sales rise in May as Iran war impact fades. (Unsplash/ Representative image) (Unsplash) Experts said this strength in spending may slow down later because tax refunds are reducing and prices are still high, as per the report by Reuters. Job growth has also improved recently, which together with strong sales shows the economy is still resilient even after the oil price shock. Strong spending trend The Federal Reserve is expected to keep its benchmark interest rate in the 3.50% to 3.75% range in its meeting, but may remove its earlier “easing bias”. Economist Scott Anderson from BMO Capital Markets said strong May sales and faster spending could worry the Fed as it tries to control inflation pressures, as reported by Reuters. The Commerce department’s census bureau said that …
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