USA: Inflation eased, but doubts jumped!

Personal income jumped 0.8% MoM—well above the 0.3% forecast and up from March’s 0.7%—as stimulus payments and wage gains boosted household wallets. Personal spending rose 0.2% MoM, in line with estimates but a sharp slowdown from a 0.7% uptick, while real (inflation-adjusted) consumption edged up just 0.1%, signalling that higher incomes are only partially translating into spending.