Inflation is proving to be stickier than many anticipated, and the unflappable American consumer is a key reason why.
: At the heart of the Federal Reserve’s campaign to contain price pressures is voracious demand, driven by equally voracious consumers.
In spite of omnipresent recession vibes, an impossibly strong jobs market and rising wages are encouraging people to keep their wallets open.The latestunsettled investors already reeling over stronger-than-expected price and labor data, and underscored how consumers aren’t tapped out yet. One force multiplier: people are getting a second wind from lower energy costs. Just as pricey oil and gas acted as a stealth tax last year, the drop in prices at the pump is putting more money in wallets — which is clearly getting put to good use.Bank of America data in January showed consumers splurging with credit and debit cards, still benefiting from elevated levels of disposable income.
“The data suggests that while lower income consumers are pressured, they still have solid cash buffers and borrowing capacity,” BofA analysts wrote.supply chain pressures that jammed up the global economy last year have all but evaporated. That normalization, plus the retreat in energy and food costs is helping inflation to ease (even if
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