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Tammi Rowe Headshot

Tammi Rowe

Loan Officer
Movement Mortgage
NMLS ID # 117643
4700 Falls of Neuse Rd, Ste 225, Raleigh, NC 27609
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p: (919) 624-5550
f: (919) 741-4619
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Americans Continue Spending Despite Rising Costs

By: Movement Staff
August 18, 2023

In last week’s Market Update, we wrote about how the market seemed to be taking a breath. Well, since then, the yield on the 10-year has increased by over 27 basis points (bps). Early this week, retail sales came in with another upside surprise, showing that the American consumer continues to spend despite increasing borrowing costs. As various economic reports consistently affirm the strength of the economy, Fed governors persist in advocating for a more hawkish stance, underscoring their commitment to the Fed's 2% mandate.


In the FOMC minutes released on Wednesday, participants made a point to emphasize that they will remain data-dependent when considering any additional rate hikes. The minutes stressed what Powell had said at his last press conference: they continue to see a 'significant' upside risk to inflation. It is becoming increasingly difficult to discern how the Fed can pivot from the current policy with inflation still above target and the economy and labor market as resilient as they have been.

Author: Movement Staff

The Market Update is a weekly commentary compiled by a group of Movement Mortgage capital markets analysts with decades of combined expertise in the financial field. Movement's staff helps take complicated economic topics and turn them into a useful, easy to understand analysis to help you make the best decisions for your financial future.

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Tammi Rowe
Loan Officer
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4700 Falls of Neuse Rd, Ste 225, Raleigh, NC 27609
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NMLS # 117643

State License #NC-I-128823