The U.S. Federal Reserve’s inspector general (IG) has cleared two former Fed bank presidents of any illegal activities in questionable trades they made in 2020. However, the watchdog office scolded them for tarnishing public confidence in the central bank.
Consumers are using their credit cards more, both for basic and discretionary purchases, and taking longer to pay off their balances, The Wall Street Journal reported last week.
Last week’s report that U.S. consumers hiked their spending by 3.3 percent in 2023’s final quarter surprised many analysts, who had expected just a 2-percent bump.
U.S. GDP grew by 3.3 percent in last year’s final quarter, ending a year in which a widely expected recession failed to materialize.
Where equities and economies are headed, for the most, is a guessing game since there are so many wild cards that have been dealt that no one can predict how they will be played.