Morning Report: Fed rate cuts, consumer struggles, and pumpkin spice fatigue

Economic data sparks rate cut speculation, consumer confidence wanes, and millennials suggest new fall flavors

This week, key economic reports like the Consumer Price Index, Producer Price Index and Retail Sales Report have investors speculating whether the Federal Reserve will consider interest rate cuts soon. Bank of America CEO Brian Moynihan warns that if the Fed delays, consumer confidence could falter, making recovery difficult.

Middle and lower-income Americans are struggling, with disposable cash dwindling and credit card delinquencies rising. The Fed reports that this group’s assets are 13% lower than before the pandemic.

In response to consumer frustration with recurring payments, U.S. federal agencies are launching the “Time is Money” initiative. This will make it easier to unsubscribe from services like healthcare, fitness memberships, and media subscriptions, aiming to simplify cancellations.

As fall approaches, a “Talker Research” poll reveals many are growing tired of pumpkin spice, with 52% of millennials calling for new flavors. Cinnamon, salted caramel and s’mores are top contenders to replace the seasonal favorite.