The Federal Reserve on Wednesday delivered another rate hike in its campaign against inflation, raising the cost of borrowing during the holiday shopping season, even as Houston households and businesses still face the threat of a recession.
Federal Reserve Chair Jerome Powell speaks at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institute on Wednesday, Nov. 30, 2022, in Washington.
The price of groceries, meanwhile, may not have fallen much but at least appear to have peaked, according to Armando Perez, executive vice-president of H-E-B, who offered his assessment at a recent gathering of the Greater Houston Partnership. For many other large purchases, Americans are still borrowing money. In October, consumer spending on durable goods such as appliances, furniture and cars, 2.1 percent, as overall consumer spending rose 0.8 percent.The explanation may be that inflation shapes our purchasing behavior as well as slashing our purchasing power.
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