That suggests the central bank's aggressive interest-rate hikes over the past year haven't cooled demand yet — aBut the tide in spending could be turning.
Ryan Sweet, chief US economist at Oxford Economics, said there were some factors last year that meant the uptick in expenditure could be a"flash in the pan". They include the milder weather and cost of living adjustments. "The Fed will be fine with a slowdown in the consumer, even to the extent of what we're seeing," Bhave said, noting Bank of America expects a mild recession in the third quarter of 2023.
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