Federal Reserve chairman Jerome Powell has spent a year messaging confidence to investors in the heavily coded language of central bankers, and last month finally gave President Donald Trump the rate cut he'd been demanding for months.
Now Powell has a much tougher audience: American shoppers.
The thing keeping the US economy afloat despite Trump's ongoing trade wars and contractions overseas is consumer spending, which has stayed strong despite a slew of negative headlines -- a federal budget deficit topping $1 trillion, bond markets sending signals of a looming recession and now an oil shock in Saudi Arabia.
But any slip, especially heading into the holiday season, could mean the difference between a gentle slowdown and a full-blown recession.
"The one aspect of the US economy that's really holding up well is the consumer, and if the consumer gets freaked out and clutches the pocketbook tighter then a downturn becomes a self-fulfilling prophecy," Greg McBride, chief financial analyst for Bankrate.com told CNN.
https://www.cnn.com/business/live-news/stock-market-news-today-091819/index.html
2019-09-18 10:35:00Z
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