The U.S. Consumer: Darkness in June - by Michael Englund
The public dialogue on the economy may now be worse than at any time since the disastrous 1970s and early-1980s periods, which is remarkable given the ongoing resilience in reported economic data. As for the Federal Reserve's June 25 policy statement, the weak confidence report is likely to cool the central bank's interest in appearing too hawkish on inflation.The one-year-ahead inflation reading was steady at 7.7% in June, after soaring in May from the 6.8% April reading that matched the prior all-time high set in September, 2005.
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