Richmond Fed President Barkin Says Recent Data On Consumer Spending Stronger Than Expected, Solid; Makes Sense Lower, Middle Income Spending Adjusting To Slower Pace; Growth Still Seems 'Solid' In Economy
Portfolio Pulse from Benzinga Newsdesk
Richmond Fed President Barkin stated that recent data on consumer spending is stronger than expected and solid. He also noted that lower and middle-income spending is adjusting to a slower pace, but overall growth in the economy still seems 'solid'.
September 28, 2023 | 7:39 pm
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POSITIVE IMPACT
The comments from Richmond Fed President Barkin about solid consumer spending and overall economic growth could have a positive impact on the SPY ETF, which tracks the S&P 500 and is a broad indicator of the US economy.
The SPY ETF is a broad indicator of the US economy. Positive comments about consumer spending and overall economic growth from a Federal Reserve official could boost investor confidence and potentially lead to an increase in the ETF's price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75