This is CBS I on the world with John Bachelor.

Here's John Bachelor.

The American Economy, I welcome Elizabeth Peak, columnist at the Hill,

Congress at Fox News, much on Fox Business.

We have some numbers from the atmosphere to influence or not the Federal Reserve which is

influenced or not by its expectations of moderating inflation or

spiking inflation, you will recall that Mr Powell promised three

cuts in 2024.

Now we're told it's not going to happen.

One cut, although there is a rogue bank called Goldman who says two cuts.

And we have indication that one cut is in order, perhaps.

Liz, a very good evening to you.

I read from the journal.

Data showed retail sales rose less than expected in May compared

to a month earlier and shrank by a revised 0.2% in April.

Please translate. What does this mean? Is this what the Fed wants? Good

evening to you. Good evening, John. It certainly is. I mean the Fed has been raising

rates and holding rates at pretty high levels now for some time waiting to see the impact on the economy.

And so I think we're seeing it. I think this has been really

what we've all been expecting, right, that the consumer eventually would run out of gas why because

real incomes have been for about three years now three and a half years

mostly trending lower as inflation for about three years now, three and a half years,

...