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.