American consumers are putting off big purchases as inflation and high interest rates take a toll. Corporate executives report a significant slowdown in spending on items like mattresses, furniture, and home improvements. This trend signals that the Federal Reserve's interest rate hikes may be working to curb inflation, but it also highlights the financial strain on average Americans. Companies like Sleep Number and Wayfair are feeling the pinch, and economists note that consumer caution could eventually lead to lower borrowing costs. However, high-income earners seem less affected, indicating a widening economic divide.
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