News Summary

• Despite the rhetoric, the US economy is facing a squeeze from two ends.
• The first is a slowdown in consumer spending, as Americans pull back amid higher inflation.
• The second is the Federal Reserve's renewed interest rate hikes, which will ultimately need to slow the economy down to tame price hikes.
• Hoping for inflation to cool on its own seems more difficult to justify every month that inflation remains above the Fed's target.
• But signs suggest that the rest of the year will be a bit more challenging.