While consumers have been feeling the pinch under the current market conditions, there are indications that the tide might be starting to change. To shed light on the state of the consumer, The Conference Board Chief Economist Dana Peterson joins Wealth!
Peterson notes that "consumers have mixed feelings right now." On the one hand, they are content with how the markets are holding up, but on the other hand, prices remain excessively high for essential items like food. She adds that consumers are also concerned about the trajectory of inflation, "and surely their incomes are going to remain strained."
Despite these challenges, Peterson observes that consumers still spend on experiences, "but they’re economizing on other types of activities." She further explains that although they spend more on essentials, "all these things are rearranging what consumers are having to allocate their wallets toward."
Regarding the possibility of a Federal Reserve rate cut, Peterson believes that if the economy slows and the labor market remains healthy, a rate cut could materialize in November.
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