Fed Chair Powell Says Growth In Consumer Spending Has Slowed From Earlier In The Year
Portfolio Pulse from Benzinga Newsdesk
Federal Reserve Chair Jerome Powell has stated that growth in consumer spending has slowed from earlier in the year. This could potentially impact the overall economy and the stock market.
July 26, 2023 | 6:32 pm
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The slowdown in consumer spending growth, as noted by Fed Chair Powell, could potentially impact the SPY ETF, which tracks the S&P 500 and is a broad indicator of the US stock market.
Consumer spending is a significant component of the US economy and can influence the direction of the stock market. A slowdown in spending growth could potentially lead to slower economic growth, which could negatively impact the stock market and, by extension, the SPY ETF.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80