This week in Bidenomics: Maybe things are okay?

Published On Aug 31, 2024, 10:00 AM

Recent improvements in consumer confidence may signal a turning point for the economy ahead of the 2024 election. Confidence measures, badly impacted by the COVID-19 pandemic and high inflation, are showing signs of recovery. A recent survey indicated a notable rise in optimism regarding long-term economic conditions. Inflation rates are stabilizing, and the Federal Reserve is expected to cut interest rates soon, which may encourage consumer spending. This uptick in sentiment could benefit Vice President Kamala Harris in her campaign as the Democratic nominee, particularly among Independent voters who are starting to feel more optimistic.

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Stock Forecasts

XLYView XLY chart on TradingView

Positive

The improving consumer sentiment and expected interest rate cuts may lead to increased consumer spending, boosting the economy further. This trend indicates positive momentum for stocks associated with consumer goods and services.

SPYView SPY chart on TradingView

Positive

Consumer confidence often translates to performance in the stock market, particularly sectors like consumer discretionary. The sentiment shift could lead to growth in consumer-related stocks.

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