US consumer sentiment is improving
US consumer sentiment improved in November. The barometer rises from 99.1 to 102 points.
The high cost of living is eroding the purchasing power of American consumers.
Image: Eric Vertusco/AP Photo/Keystone
US consumer sentiment was bright in November. A barometer of consumer sentiment rose to 102.0 from 99.1 in October, the Conference Board reported in its survey on Tuesday. Experts polled by Reuters had expected a reading of 101.0 points for November. The high cost of living is eroding the purchasing power of American consumers. The inflation rate eased to 3.2% in October from 3.7% in September. However, at its most recent meeting, the Federal Reserve said inflation remained “well above” its two percent target.
The central bank has not touched interest rates for two consecutive meetings. It kept the key monetary policy rate in a range of 5.25 to 5.5% earlier in the month, while leaving open the option of future hikes. However, there is speculation in financial markets that this will no longer happen and that the first interest rate cut will take place in the middle of next year.
Reuters
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