From Emma Tucker, WSJ
Spillover from banking-sector problems could threaten consumer spending, which accounts for about 70% of U.S. output. JEENAH MOON/BLOOMBERG NEWS
Unrest in the banking sector could make it more difficult for some consumers to obtain loans to buy homes, cars and other big-ticket items, threatening to further cut into spending as households grapple with elevated inflation and rising interest rates. Economists say much of the near-term impact could depend more on Americans’ psychology—whether they have confidence the economy will weather the banking storm that might or might not directly hit their pocketbooks. Federal Reserve officials this week will decide whether to raise interest rates again to fight inflation or take a timeout amid the banking crisis.
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