While there is ongoing debate among reasonable individuals about the possibility of disinflation in the US, recent data suggests that the underlying strength of the economy may make it difficult for the Federal Reserve to reduce benchmark interest rates. On Friday, the Bureau of Economic Analysis released data showing that personal spending in February increased by 0.4% after adjusting for inflation, exceeding the median estimate of economists surveyed by Bloomberg who had predicted a 0.1% increase. Additionally, reports from the day before revealed that consumer sentiment had reached its highest level since July 2021, weekly initial jobless claims had decreased and pending home sales had rebounded in February following a decline in January. Overall, these signs point to an economy that continues to perform well and is closely watched for any potential weaknesses.
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