Higher interest rates, a potential recession and persistently high prices made consumers substantially less confident about the current state of the economy as well as where things are heading.
There are factors, however, that have cast doubt on the Fed’s credibility. The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited regarding why such an assessment was important.
Although the inflation is showing signs of cooling off, the purchasing power of consumer is still less 30% when Biden took office. Although everyone says that the U.S. economy remains strong, labor market remains tight, more consumers do not feel they are benefiting from the economy.
The main culprit is just the persistent inflation. With inflationary pressures not expected to subside anytime soon, living paycheck to paycheck has become the norm.
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