JP Morgan’s Chief US Economist Michael Feroli on the US consumer:
- slower income growth could prove a headwind to consumer spending growth
- this has been the engine powering the economy in recent quarters
- policy is restrictive
- downside employment risks are growing
- upside inflation risks are ebbing
Recommends a 50bp Fed Funds rate cut:
- we still think cutting 50bp at the September meeting is the right thing to do
Adam prepared this. I swear the dude can read my mind.
This article was written by Eamonn Sheridan at www.forexlive.com. Source