“I have been consistently surprised at the resilience of consumer spending,” Christopher Waller, an influential member of the Fed’s board, said in a speech this month.
“The acceleration of consumer spending on experiences (has) propelled us towards another outstanding quarter,” said CEO Jason Liberty.
Wealthier households, in particular, have enjoyed substantial growth in home values and stock portfolios, which are likely juicing their spending.
Spending on the bank's credit and debit cards by households with incomes below $50,000 has risen faster than spending by higher-earning clients.
“Consumer spending across all segments from high to low has remained stable since March."
Persons:
—, they've, ” Christopher Waller, ”, Jason Liberty, “, Tim Duy, they're, Julia Pollak, Sarah Wolfe, Morgan Stanley, Small, Bret Csencsitz, Aditya Bhave, Valerie Zaffina, Zaffina, Bhave, Biden, Christopher Suh, ___
Organizations:
WASHINGTON, U.S, Federal Reserve, Royal Caribbean Group, Travelers, ZipRecruiter, Fed, Gotham, Bank of America, Visa
Locations:
U.S, New York City, COVID, Ramsey , New Jersey, I’m, Washington, New York