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Bloomberg Businessweek
Core Inflation, Income Are Reasons for Fed Caution
Nov 27, 2024
Michael McKee, Bloomberg's International Economics & Policy Correspondent, shares insights on the Fed's cautious approach amidst persistent inflation and economic trends. Jennifer Grancio, head of ETFs at TCW, discusses the growing demand for active fixed income ETFs and the strategic shifts in investment management. Joe Klecha, Chief Nuclear Officer of The Nuclear Company, outlines plans for expanding nuclear power in the U.S. by 2050, emphasizing technology and public-private partnerships in meeting energy needs.
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Quick takeaways
- The U.S. economy's third-quarter growth of 2.8% was primarily fueled by a significant 3.5% rise in consumer spending.
- Despite inflation concerns, rising wages have outpaced inflation, sustaining consumer purchasing power and contributing to spending resilience.
Deep dives
Economic Growth and Consumer Spending
The U.S. economy demonstrated solid expansion in the third quarter, with GDP growing at an annualized rate of 2.8%. This growth is predominantly fueled by a notable increase in consumer spending, which jumped by 3.5%, marking the highest growth seen so far this year. Despite rising inflation indicated by a 2.3% increase in the PCE price index, the upward movement of wages, which rose by 0.5%, has managed to sustain consumer purchasing power. This dynamic allows consumers to continue spending, even amidst concerns about inflation, indicating a certain resilience in consumer behavior.
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