Walmart is closing four stores in Chicago, cutting its footprint in half in the third-largest U.S. city after years of mounting losses. The closings mark a retreat for the nation's largest retailer, which faces tough competition in Chicago from the likes of Target, Albertsons, and Aldi. Walmart said it had tried and failed to improve its performance by building smaller stores, localizing its merchandise offerings, and investing $70 million in recent years on store upgrades.
Chair Jerome Powell says the Federal Reserve only expects to cut rates once in 2024. But at least, as one economist says, ‘rate hikes are off the table.’
With the Fed likely set to leave rates unchanged, lower and middle income Americans will continue dealing with higher credit card interest and expenses.
Markets soared in May after Nvidia’s Q1 success, but concerns over slowing consumer spending, especially among middle—and lower-income groups, loom large.
