Overview

• Economists now predict the Federal Reserve's first interest rate cut in 2024 will likely occur in June, later than previously forecasted due to recent inflation data.
• The stock market experienced significant declines following the hotter-than-expected inflation report, with the Dow Jones Industrial Average dropping 1.4%.
• Inflation has cooled from its peak, but some goods categories are experiencing deflation, indicating a shift in consumer spending from goods to services.
• Cities in Texas and Florida are facing higher inflation rates compared to the national average, with rapid urbanization and booming real estate markets contributing to increased costs.
• Despite a general trend of cooling inflation, the average American household is still paying significantly more for everyday necessities compared to previous years.