The Minutes of John Williams on consumption https://minutesof.com/john-williams/on/consumption/ Everything John Williams has said on consumption: 2 verbatim quotes, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:23:03 +0000 Williams cites New York Fed research showing higher-income households and homeowners had substantially stronge https://minutesof.com/q/fa7355fa-099c-4a81-b27d-0950a6d8b7f4/ https://minutesof.com/q/fa7355fa-099c-4a81-b27d-0950a6d8b7f4/ “Research by New York Fed economists found that over recent years, higher-income households and homeowners have experienced substantially stronger consumption growth than lower-income households and renters.” — NY Fed speeches consumption Williams explains the perverse result comes from wealth effects and higher rates leading households to consume https://minutesof.com/q/08a701be-9fe2-4ef1-8940-1a5636de83c8/ https://minutesof.com/q/08a701be-9fe2-4ef1-8940-1a5636de83c8/ “This “perverse” result, in the words of John Campbell (1994), 5 stems from the combination of a strong wealth effect and higher expected real interest rates, which contribute to a transition period during which households enjoy greater consumption and leisure.” — NY Fed speeches consumption