Inflation, end to pandemic assistance drove decline in real incomes
Consumer prices rose by 0.4% from March to April, up by 4.9% from April 2022.
Committee needs data confirmation before rate cycle shifts
Once demand revives, aging populations will pressure labour market again
Latest economists' survey points to friendlier conditions this year
Strong growth in healthcare, restaurants and bars
Average hourly wages rose 5.2% but hiring is not happening as broadly
Customer card data signal monthly slowdown in spending
The quarter-point increase comes a day after the Federal Reserve's identical move
The Fed describes the banking system as 'sound and resilient' but notes the impact of a pullback in bank lending remains uncertain