While inflation is down, prices are still high, and I think consumers have gotten to the point where they're just not accepting it," Tom Barkin, president of the Federal Reserve Bank of Richmond, said...
A more price-sensitive consumer helps explain why inflation has appeared to be steadily falling toward the Federal Reserve's 2% target, ending a period of painfully high prices...
The reluctance of consumers to keep paying more has forced companies to slow their price increases - or even to cut them. The result is a cooling of inflation pressures.
Consumers expect their spending to grow 4.9% in the coming year, according to a survey by the New York Fed. That is the lowest such reading since April 2021, when inflation was beginning to surge.
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