Odd Lots The Fed's Tom Barkin On the Impact of Higher Interest Rates
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Oct 2, 2023 Tom Barkin, President of the Richmond Fed, shares his unique insights on the current U.S. economy amid rising interest rates. He discusses the surprising resilience of unemployment rates and how businesses are responding to tighter monetary policy. The conversation dives into the housing market's adaptation, challenging consumer behavior, and the intricate relationship between oil prices and inflation. Barkin highlights the ongoing challenges sectors face, painting a complex picture of the economic landscape.
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Consumer Spending Variation
- Businesses report varying consumer spending.
- High-end consumers spend on experiences, while middle-income consumers trade down.
Labor Market Shifts
- A manufacturer in South Carolina is losing workers to Bojangles.
- Bojangles offers better work conditions and competitive pay.
Coal Mine Labor Shortage
- A coal mine owner struggles to hire workers due to lack of cell phone service inside the mine.
- This is impacting the labor market.