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Chair Powell Remarks On Weak Retail Sales Data

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Q: Retail sales data has been weak?

  • A: We're watching very carefully, big store numbers etc. We're seeing shifts in consumption, but overall spending is very strong. Customers in good shape financially, no sign of a broader slowdown we can see in the economy. Job growth slowing but still robust levels, economy slowing but still healthy growth.
  • Would be hard to watch anything more closely than we watch consumption; biz investment has slowed slightly. Does appear the US economy is in a strong position and able to deal with higher interest rates.
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Q: Retail sales data has been weak?

  • A: We're watching very carefully, big store numbers etc. We're seeing shifts in consumption, but overall spending is very strong. Customers in good shape financially, no sign of a broader slowdown we can see in the economy. Job growth slowing but still robust levels, economy slowing but still healthy growth.
  • Would be hard to watch anything more closely than we watch consumption; biz investment has slowed slightly. Does appear the US economy is in a strong position and able to deal with higher interest rates.