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Fed Fails - American Spending Growth Is Weakest Since March 2011

Core personal consumption growth in July was just 1.2% - the weakest since March 2011. Whatever The Fed is doing to grow the middle class (yes, yes, we know: that's not in the mandate - only the "wealth effect" is) is not workingm and as the following chart suggests hasn't worked for the past 35 years.

 

Chart: Blooomberg

Lower rates is not helping,  and higher rates didn't work in the 90s: maybe The Fed is all talk and CONfidence after all.