Top-of-mind economic news as we start the week:
— Retail sales rose 0.4% in April (not adjusted for inflation), less than expected as consumers struggle with higher prices.
— 46% of U.S. credit card holders are not paying off debt monthly, a jump from 39% last year, as inflation, end of stimulus squeeze incomes.
— Debt-ceiling negotiations are entering critical phase, as U.S. is estimated to be short on cash to fund all this obligations starting as early as this June.
— Fed Chair Powell reiterated that progress on bringing down inflation will be slow; Fed projections show no interest rate cuts until 2024.
— China’s tax and other government revenue grew 11% in the first four months of 2023, indicating economic growth has picked up post-Covid.
— White House to provide $11 billion in grants and loans to energy and utility providers in rural areas to spur renewable energy development.
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