Why isn’t the US economy slowing down?!
Even after more than2 years have passed since the start of the U.S. monetary tightening, there are no signs of a slowdown in the U.S. economy. The reason is that the wealth effect from ongoing stock price gains and soaring housing prices continues to support personal consumption.Interest rate hikes have not stopped the wealth effect, which has helped keep consumer spending buoyant. This explains the background and offers a forecast for the future USD/JPY exchange rate.
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