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Somewhat related to weather articles commenting on interest rates, I found it was fascinating that in Powell's opening statement he blamed the rise of consumer
by elhudy 4y ago
Somewhat related to weather articles commenting on interest rates, I found it was fascinating that in Powell's opening statement he blamed the rise of consumer spending partially on the weather.
>Consumer spending appears to have picked up this quarter, although some
of that strength may reflect the effects of swings in the weather across the turn of the year.
I'm not proficient enough in monetary and fiscal policy to comment on the accuracy of drawing that conclusion, but I found it hysterical nonetheless.
https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20230322.pdf https://www.federalreserve.gov/mediacenter/files/FOMCprescon...
- TylerE 4y agoSeems logical enough to me. It has, at least in my part of the country, been the most mild winter in my memory. We hit the 70s the majority of the days in February, with overnight lows in the 50s. I'm in North Carolina, not Florida! We're supposed to have mild winters, but this year, other than that one weekend where much of the south saw negative temperatures... it's like we skipped right from fall to spring. I've barely even worn long pants. Nice weather leads to more travel, outdoor activity, more shopping, more going to restaurants. If it's cold and rainy, you stay home more.
- aidenn0 4y agoI'm in Southern California, and my parents visited from Virginia this February. It was rainy with highs in upper 50s lower 60s. Meanwhile it was 78 back in VA...