The Monday Mix: May 15 – 21, 2023

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Top-of-mind economic news as we start the week:

Retail sales rose 0.4% in April (not adjusted for inflation), less than expected as consumers struggle with higher prices.

46% of U.S. credit card holders are not paying off debt monthly, a jump from 39% last year, as inflation, end of stimulus squeeze incomes.

Debt-ceiling negotiations are entering critical phase, as U.S. is estimated to be short on cash to fund all this obligations starting as early as this June.

Fed Chair Powell reiterated that progress on bringing down inflation will be slow; Fed projections show no interest rate cuts until 2024.

China’s tax and other government revenue grew 11% in the first four months of 2023, indicating economic growth has picked up post-Covid.

White House to provide $11 billion in grants and loans to energy and utility providers in rural areas to spur renewable energy development.

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