Consumer Confidence Pushes Up Demand For US Manufactured Goods

Consumer confidence is pushing up demand for United States (US) manufactured goods, economic data from relevant agencies have shown.

Such demands which have already exceeded projections, is happening amidst tentative signs of recovery on equipment spending., a Reuters intelligence report has indicated.

On the other hand, a separate report by the Conference Board said its consumer confidence index was little changed at 104.7 in March.

According to the reference, preliminary data, the S&P 500 (.SPX), opens new tab lost 14.09 points, or 0.27%, to end at 5,204.10 points, while the Nasdaq Composite (.IXIC), opens new tab lost 68.77 points, or 0.42%, to 16,320.64. The Dow Jones Industrial Average (.DJI), opens new tab fell 19.06 points, or 0.05%, to 39,294.58.

The report indicates the three major U.S. indexes as hitting record highs last week after the Fed maintained its projection for three interest-rate cuts this year.

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“Markets have been slowly increasing expectations the central bank will cut rates by at least 25 basis points in June, currently pricing in a 70.4% chance, the CME’sFedWatch Tool, opens new tabshowed, up from 59.2% last week.

“Trump Media & Technology group surged as it kicked off its first day of trading after completing a reverse merger with a blank check firm.

“McCormick (MKC.N), opens new tab jumped as the best performer on the S&P 500 (.SPX), opens new tab after the spice maker beat market expectations for first-quarter sales and profit”, the report added.

Aside consumer confidence is pushing up demand for United States (US) manufactured goods,The Eagle reports member of the Federal Reserve Board of Governors, Dr Lisa D. Cook, stating that rapid monetary-policy tightening, inflation has fallen considerably while the labor market has remained strong.

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In her paper titled:The Dual Mandate and the Balance of Risks risks recently, she stated that”As a result of these welcome developments, the risks to achieving our employment and inflation goals are moving into better balance. Nonetheless, fully restoring price stability may take a cautious approach to easing monetary policy over time.

Let me add some background here. Congress has given the Federal Reserve’s monetary policymakers a mandate and the independence with which to pursue it.