Economics
Fed’s Mester Says Consumer Wealth Helping Lift Growth, Inflation
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Federal Reserve Bank of Cleveland President Loretta Mester said improving consumer finances and the record wealth of American households are helping to support economic growth and push inflation back up to the central bank’s target.
Household debt relative to disposable personal income has fallen to around 100 percent and is near its longer-run trend, even amid a rise in consumer credit excluding mortgages, Mester said Friday in the text of a speech in Philadelphia.