The mounting problems facing poorer Americans are leaving the world’s most important economy exposed to risks of a downturn, a top Federal Reserve official has warned, highlighting the “balancing act” facing central bankers as they consider whether to cut interest rates again in December.
John Williams, president of the New York Fed, said data and conversations with community leaders highlighted that many poorer households were facing an affordability crisis.
“There is quite a bit of evidence . . . that lower and moderate-income households are facing some constraints from an affordability point of view,” Williams told the Financial Times. “From the cost of living, the housing costs and basically many families living month to month.”
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