MECKLENBURG COUNTY, N.C. — Local experts are hopeful after the latest consumer price index report that dropped Wednesday said that interest rates could follow in time. The consumer price index is a leading economic indicator and is critical, especially at a time when the economy is a bit sluggish.
July saw inflation fall below 3% for the first time since early 2021. Two years ago, inflation sat at around 9%.
CEO of Alloy Wealth Management INC, Mark Henry told WCNC Charlotte's Colin Mayfield this new report could lead to the Federal Reserve easing up on interest rates, the highest seen in 20 years.
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"This doesn't mean that everything is going to be okay immediately or that you will feel it right away in your wallet," Henry cautioned.
He said the next meeting for the Federal Reserve is in September and the markets expect rates to drop by a half point or more.
But that still doesn’t mean it will get easier for families overnight.
Henry advises people to be fiscally responsible even if they see enticing deals on homes or cars. The auto industry in particular will be looking to make up ground as they have seen one of the worst quarters in quite some time.
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