Affluent Americans are driving US economy and likely delaying need for Fed rate cuts
AP News - 2024-04-29T10:00:08.000Z

Older Americans are fueling a sustained boost to the U.S. economy. Benefiting from outsize gains in the stock and housing markets over the past several years, they are accounting for a larger share of consumer spending — the principal driver of economic growth — than ever before.

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Affluent Americans are driving U.S. economy and likely delaying need for Fed rate cuts
Since retiring two years ago, Joan Harris has upped her travel game. Once or twice a year, she visits her two adult children in different states. She’s planning multiple other trips, including to a science fiction convention in Scotland and a Disney cruise soon after that, along with a trip next year to neolithic sites in Great Britain. “I really have more money to spend now than when I was working,” said Harris, 64, an engineer who worked 29 years for the federal government and lives in...
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Affluent Americans are driving U.S. economy and likely delaying need for Fed rate cuts

Fed's Powell: Elevated Inflation Will Likely Delay Rate Cuts This Year

Fed's Powell: Elevated inflation will likely delay rate cuts this year