Core personal consumption growth in July was just 1.2% - the weakest since March 2011. Whatever The Fed is doing to grow the middle class is not working and hasn't worked for the past 35 years.
Core personal consumption growth in July was just 1.2% - the weakest since March 2011. Whatever The Fed is doing to grow the middle class (yes, yes, we know: that's not in the mandate - only the "wealth effect" is) is not working and as the following chart suggests hasn't worked for the past 35 years.
Chart: Blooomberg
Lower rates are not helping and higher rates didn't work in the 90s: maybe The Fed is all talk and CONfidence after all.
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