Resilient consumer spending has supported the economy through the Federal Reserve’s interest rate hiking cycle. But signs of some belt-tightening emerged in the first quarter, as consumer spending on discretionary items began to sink, hurting some big stores. Although spending on goods ramped up during the height of the pandemic, consumers in recent years have favored opening their wallets for experiences like travel and dining out, after spending time cooped up indoors.
Americans feel hopeful inflation is cooling Americans are feeling more optimistic that inflation is trending down now and into the future. Consumers’ inflation expectations — for one year, three years and five years from now — declined across the board in July, according to the latest monthly Survey of Consumer Expectations released Monday by the Federal Reserve Bank of New York.
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