Ahead of the Tape
[Today's Market Forecast]</br></br>A Chill Wind</br></br>With the Fed set to push up interest rates for the first time in over four years today, one little fact may have eluded many investors: The economy's growth rate already seems to be slowing down.</br></br>Start with consumer spending. When the Commerce Department released May spending figures Monday, it revised down its read on real personal consumption in April. This came hand in hand with warnings of slower June sales from General Motors, Wal-Mart Stores and Target, which account for about one-tenth of U.S. retail sales.</br></br>In the wake of the surprisingly strong consumer-confidence reading yesterday, some may see this as a mere blip. But there is further evidence of sluggishness. Tucked inside of last week's generally dismal May durable-goods report were unexpected declines in capital- equipment shipments and orders.