Americans are still spending:
Retail and food spending was up slightly from last month, but it's just noise. Spending hasn't dropped, but it's been basically flat for the past three years.
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This is more evidence that the Fed did nothing beneficial with the rate hikes. The hikes are supposed to 1) cut consumer and business spending and 2) reduce employment. They achieved NEITHER, and with spending continuing and employment high inflation is STILL coming down. In fact, they may have made inflation worse with the rate hikes that made refinancing or moving out of a low interest mortgage financially difficult, reducing the supply of housing and thus increasing the cost of housing -- a major cause of inflation.