Recent years have seen spiking inflation as a result of a number of shocks, including supply bottlenecks caused by the coronavirus pandemic and Vladimir Putin’s invasion of Ukraine. The Federal Reserve Board’s Open Market Committee in 2012 set a target of reducing inflation to two percent.

"Here's a Bidenomics breakdown: The average Montana household has spent $26,391 more due to inflation since Jan. 2021, according to the Joint Economic Committee," Rep. Ryan Zinke, R-Mont., wrote on X, formerly known as Twitter. "There's no spin that can fix how bad Biden is for the economy."

Americans are still worried about their financial stability even as their recession fears lessen. High prices at the grocery store and consumers’ memories of their pre-pandemic budgets may be playing a role. Here’s what financial and economic experts have to say about what this week’s economic indicators tell us about people’s perception of the economy.

The Federal Reserve declined Wednesday to cut interest rates, saying it remains uncertain inflation is slowing enough, but some economists warned the financial regulators risk waiting too long to make cuts.

Consumers are getting some relief from higher prices as core inflation, which excludes food and energy, continues to show signs of cooling — an encouraging sign for the U.S. economy, according to economists.