Affluent Americans' increased spending, driven by retirees like Joan Harris, may delay Federal Reserve rate cuts.
Affluent Americans are driving US economy, with increased spending likely delaying the need for Federal Reserve rate cuts. Retirees like Joan Harris are fueling a sustained economic boost by spending their accumulated wealth on travel and other experiences. This increased spending is relatively immune to the Federal Reserve's efforts to slow growth and tame inflation.
April 29, 2024
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