Weakening US economic data reduces likelihood of further Fed rate hikes

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Recent US economic data, including downward revisions to jobs reports, a decline in headline inflation driven by both oil and diminished core services demand, weak retail sales, negative trends in housing starts, pending home sales, and export prices, indicates a significant economic slowdown. This weakening data has led to a downward revision in the Atlanta Fed's Q3 GDP outlook from 6% to 4% and has caused markets to significantly lower their expectations for further Fed rate hikes, with a 50-5