The Fed's Plan to Slow Inflation

Consumption is about 2% above what was expected and income is about two and a half percent below What was expected so you have high spending and low income. I've been expecting that consumption to fall and to fall back to something more normal Especially as households have exhausted a lot of their financial resources They got during the pandemic or starting to run their credit cards Um up again. But there is one big thing that's helping keep consumer spending going which is real wages are finally rising.