April 24, 2024 5:29 pm
Search
Close this search box.

Experts say the economy is getting better, but consumers don’t feel that way. Here’s why.

Americans are still worried about their financial stability even as their recession fears lessen. High prices at the grocery store and consumers’ memories of their pre-pandemic budgets may be playing a role. Here’s what financial and economic experts have to say about what this week’s economic indicators tell us about people’s perception of the economy.

Federal Reserve declines to cut interest rates, saying it’s not clear inflation has slowed enough yet

Fed Chairman Jerome Powell said the Fed has a lack of sufficient data that inflation is slowing enough to justify taking the pressure off interest rates yet. The Fed started raising the federal funds rate in March 2022 to battle inflation and continued until the latter half of last year, when it decided to pause rates.

Looking toward November, Biden targets ‘shrinkflation’ in State of the Union speech

During his speech, Biden shouted out a bill introduced by U.S. Sen. Bob Casey (D-PA) that he said would help address the problem. The legislation, which he introduced in February, allows the Federal Trade Commission to pursue regulations that establish it as a deceptive or unfair practice.

‘Bobby’ Casey and shrinkflation get a shout-out during Biden’s SOTU

Pennsylvania U.S. Sen. Bob Casey (apparently known to his Scranton friends as “Bobby”) was referenced by name in President Joe Biden’s State of the Union address on Thursday, for his work highlighting the practices of corporations that charge the same prices for smaller amounts of product.