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Retailers Say New Fed Debit Card Regulations Mean Networks Will Have to Compete Online
The National Retail Federation today welcomed the Federal Reserve’s approval of regulations that clarify that banks and credit card networks are legally required to give retailers a choice between two unaffiliated networks over which to route debit card transactions regardless of whether purchases take place in-store or online.
“The Federal Reserve has declared once and for all that a debit transaction is a debit transaction no matter where it takes place and that merchants have the right to choose the network that offers the..."
NRF Says Consumers Still Spending Despite Worries Over Inflation and Interest Rates
Consumers remain worried about high inflation and Federal Reserve interest rate hikes intended to bring inflation under control, but neither has stopped them from spending, National Retail Federation Chief Economist Jack Kleinhenz said today.
“The economic situation in the United States is unsettling,” Kleinhenz said. “Consumer confidence is down, consumer spending’s rate of growth has slowed, and economists and consumers alike are worried about the possibility of a recession, all reflecting persistently high inflation and rising interest rates. Nonetheless, spending continues to grow, and many economists say a..."
Import Slowdown Continues as Fed Tries to Rein in Consumer Demand
With inflation continuing and the Federal Reserve hoping to cool demand through higher interest rates, imports at the nation’s major container ports are expected to fall below last year’s levels for the remainder of 2022, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.
“Consumers are still buying, but the cargo surge we saw during the past two years appears to be slowing down,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Cargo volumes are solidly..."
NRF Says Economy ‘Being Rebalanced’ but ‘Extreme Cooling Off’ Seems Unlikely
The Federal Reserve faces “a tricky job” in addressing inflation but continuing growth in employment, wages and consumer spending make it unlikely the effort will backfire into a major setback for the economy, National Retail Federation Chief Economist Jack Kleinhenz said today.
“With changes underway that focus on taming inflation without splintering the economy, the nation’s economic system is in the process of being rebalanced in ways that are testing its resilience,” Kleinhenz said. “This is an extraordinary period with unprecedented factors that include inflation at a..."
NRF Says Economy Should Continue ‘Bustling Forward’ as Fed Works to Bring Inflation Under Control
The economy’s fast-paced growth could slow somewhat as the Federal Reserve tries to bring inflation under control in the next few months, but consumers are likely to keep on shopping as lower inflation eases uncertainty, National Retail Federation Chief Economist Jack Kleinhenz said today.
“The Fed’s tightening has kicked off a new cycle of adjustment and the outlook for interest rates has consequences for consumers and businesses alike,” Kleinhenz said. “There is a growing list of uncertainties, and the risks are mounting. But underlying..."
NRF Chief Economist Says Growth Likely to Continue Even as Fed Works to Slow Inflation
Coming up on two years since the short-lived 2020 recession, the United States appears to be at the midpoint of an economic cycle that should continue to see growth even as the Federal Reserve raises interest rates to bring inflation under control, National Retail Federation Chief Economist Jack Kleinhenz said today.
“The maturing economy remains in growth mode and there is good reason to expect it will soon approach normal trends,” Kleinhenz said. “Despite ongoing challenges, we are clearly still in an..."
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