From Richmond Fed Pres. Barkin:
- Watching consumers most closely, as big as part of economy.
- Worry if close to a moment where consumers decide to pull back, so far has not happened.
- Biggest thing affect consumer spending is whether they have a job, second is confidence, there is wealth effect..
- Equity market correction isn't what leads to consumers sending pullback
- People are pulling back on air travel, but not on everyday spending
Comments from Barkin are positive and suggest that the Fed has time
