Ahead of the Federal Reserve’s annual conference in Jackson, Wyoming, which starts on Thursday (Aug. 21), the topic of inflation will dominate discussions. Although the latest updates on prices were mixed, there are several metrics that raise questions about the wisdom of cutting interest rates at next month’s policy meeting, which has become the consensus view of late.

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US retail sales rose for a second month in July, highlighting consumer resilience. The news eased concerns that consumer spending is vulnerable to tariff-induced inflation. “As long as consumer spending holds up and companies are able to retain workers because of that robust spending, the flywheel can continue to spin, pushing corporate profits and stock prices higher,” Chris Zaccarelli, chief investment officer at Northlight Asset Management, said in commentary issued Friday.

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