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Questioning the Health of US Consumers
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This week’s Economic Perspective takes a look at the health of US consumers.
Solid growth in consumer spending has been the cornerstone of the US economic expansion over the past three years. The likelihood of recession is extremely low in an environment of robust spending growth. Continued solid economic momentum will exert upward pressure on both inflation and long-term interest rates and prevent the Federal Reserve from lowering policy rates as currently discounted in the bond market. Equity valuations are stretched, as measured by P/E ratios and by the equity risk premium (ERP)... READ MORE
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August 7, 2023
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