Economic growth will slow, weighted down by higher interest rates and lower stock prices. But so far the American consumer isn't buying it, says the Enquirer's Board of Economists.
Income is up, wages and salaries are up, the wealth effect is up.
We haven't seen any substantial downturns in consumer confidence. The Federal Reserve, for one, says Federated Department Stores' Brian Richard. Consumer spending has been growing faster than the economy overall, he said. The Fed thinks that's too fast. It'll either happen on its own, or they'll keep pushing these rates until they get that response.