The FOMC held rates at 3.50-3.75% and dropped the easing bias. The dot plot showed hike projections for the first time this cycle, with zero cuts for 2026. May retail sales rose +0.9% month-over-month; import prices were up +6.7% year-over-year, the most since August 2022.
Despite the May beat, real US retail sales remain essentially flat over the past five years even as nominal figures have risen sharply. Source
