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.
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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.
