From Richmond Fed Pres. Barkin:

  • Watching consumers most closely, as big as part of economy.
  • Worry if close to a moment where consumers decide to pull back, so far has not happened.
  • Biggest thing affect consumer spending is whether they have a job, second is confidence, there is wealth effect..
  • Equity market correction isn't what leads to consumers sending pullback
  • People are pulling back on air travel, but not on everyday spending

Comments from Barkin are positive and suggest that the Fed has time

Source: Forex Live