US retailer Target cut prices on more than 1,500 popular items, effective Monday.
- And promises “thousands more price cuts” (on 5,000 times) ahead.
This is said to be in response to attract "inflation-wary shoppers turned off by high prices".
Info comes via loads of media reports, here's one:
If this drives down inflation rates it'll be welcomed at the Fed. Right now the prospect of rate cuts looks dim, these posts from Monday alone:
- Fed Gov. Barr: Q1 Inflation was disappointing. Did not provide confidence to ease policy.
- Fed Gov. Jefferson: Policy rate is in restrictive territory. Inflation still stubborn.
- More from a Fed Gov. Jefferson: Too early to say April CPI started a new trend
- SF Fed Pres.Mary Daly: Not yet confident that inflation is coming down to 2%
- Cleveland Fed Pres. Mester: Monetary policy is restrictive. Neutral rate may be higher
Also:
- WSJ Timiraos says Fed forecasts imply 6-month annualized rate of core PCE inflation at 3.2%
- 6 reasons markets are way too optimistic on Federal Reserve rate cuts
