U.S. consumer credit growth accelerated in April to the fastest pace since November 2022, according to recent data from the Federal Reserve.
The June 7 data on consumer credit, or G.19, comes after the Federal Reserve raised interest rates in May by 25 basis points, to a range of 5.0–5.25 percent.
Many economists are worried that the Fed will hike rates again when policymakers meet on June 13–14, which would be a burden on cardholders.
It has been thought that the slowdown in credit growth is the reason why consumers have purchased fewer big-ticket items amid inflationary concerns, which could lead to a slowdown in the economy….