Retail sales slumped in May as consumers dealt with rising inflation, but the Federal Reserve today made a move to fight to tackle high prices by raising interest rates. Will it be enough, and when could it potentially shift consumer behavior? Meanwhile, retailers like Target are slashing prices on non-essential goods due to an excess of inventory, and the bargains could potentially give shoppers a break. Jharonne Martis, director of consumer research at Refinitiv, joins Closing Bell to discuss consumer and retailer behavior, how the Fed's rate hike could provide relief and when, and more.