Consumers play a major part in the economy — they provide about 68% of GDP — and they've had an important role in how the Federal Reserve has looked at inflation and interest rates.
The higher wages have gone, and the more consumers have spent, the greater the concern the Fed has had, seeing these as factors helping to push and reinforce inflation.
And, up until now, consumers have seemed energetic, confident, and ready to keep spending, even as prices have risen. That may be coming to an end.
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