June 28, 2024 11:53 GMT
MNI BRIEF: Credit Card Spending Solid, Not Frothy-Fed’s Barkin
(MNI) LONDON
(MNI) Brussels
Consumers still spending although interest rate sensitive sectors weaker, Fed's Barkin says.
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US credit card spending remains “solid” if not “frothy”, Richmond Fed President Tom Barkin told reporters in Paris Friday, citing real time indicators.
Barkin noted that year-on-year credit card spending still seems to be up over the past couple of weeks, with anecdotal talk of "good solid demand growth“.
The only weaknesses he saw in the consumer sector appeared to be in interest rate-sensitive sectors like housing, Barkin said.
“You are still hearing of consumers who are spending, but making choices in the context of higher prices,” he added.
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