Markets Amid the toxic brew of data, bullish sentiment took a severe hit as a hotter-than-expected U.S. employment cost index, the Federal Reserve's preferred gauge of wage inflation, potentially dashed hopes for any rate cuts in 2024. The unexpectedly sharp rise in the Employment Cost Index for the first quarter, revealed in Tuesday's update from the Bureau of Labor Statistics, is the most unwelcome news for doves. The index surged by 1.
Bittering the brew further, consumer’s perception of the US economy took another hit in April, marking the third consecutive month of decline. The Conference Board's index of consumer sentiment, coming in at 97, fell well short of expectations and reached its lowest level since the summer of 2022. This disappointing update, with March's headline also revised downward, suggests growing concerns among consumers about the state of the economy.
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