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MNI BRIEF: Fed’s Daly Says Consumer Spending Is Slowing

Depleted excess savings is gradually putting a damper on spending, boosting delinquencies, SF Fed president says.

U.S. consumer spending is slowing as Americans exhaust excess savings built up during the pandemic, San Francisco Fed President Mary Daly said Monday.

“Consumer spending is slowing and they’re getting more to the point where it’s much more what they are earning is determining what they spend,” she said. “We should start to see consumer spending slow. We’re starting to see a rise in some delinquency rates across different loan categories, especially among moderate income workers and families.” (See MNI INTERVIEW: US Services Shrink For First Time Since 2022-ISM)

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U.S. consumer spending is slowing as Americans exhaust excess savings built up during the pandemic, San Francisco Fed President Mary Daly said Monday.

“Consumer spending is slowing and they’re getting more to the point where it’s much more what they are earning is determining what they spend,” she said. “We should start to see consumer spending slow. We’re starting to see a rise in some delinquency rates across different loan categories, especially among moderate income workers and families.” (See MNI INTERVIEW: US Services Shrink For First Time Since 2022-ISM)