The Commerce Department reports that retail sales in May barely rose and April’s retail sales have been revised considerably. Sam Burns, chief strategist at Mill Street Research, weighs in on whether consumers could be losing steam and if that might prompt the Federal Reserve to cut rates.
Mr. Burns explains that post-pandemic spending patterns have shifted due to a gradual downshift in bank accounts and wage growth, and he predicts whether this data will prompt a rate cut by the Federal Reserve this year and when that might occur.