The Federal Reserve on Wednesday launched its biggest broadside yet against inflation, raising benchmark interest rates three-quarters of a percentage point in a move that equates to the most aggressive hike since 1994.
Consumers pull back spending due to high gas and food prices
The high cost of gas and food is causing US consumers to pull back spending on other items, suggesting a slowdown in the economy’s main driving force.
U.S. home builder sentiment hits two-year low in June
Confidence among U.S. single-family homebuilders dropped to a two-year low in June as high inflation and rising mortgage rates reduced affordability for entry-level and first-time buyers, a survey showed on Wednesday.