From Richmond Fed Pres. Barkin:

• Watching consumers most closely, as big as part of economy.
• Worry if close to a moment where consumers decide to pull back, so far has not happened.
• Biggest thing affect consumer spending is whether they have a job, second is confidence, there is wealth effect..
• Equity market correction isn’t what leads to consumers sending pullback
• People are pulling back on air travel, but not on everyday spending

Comments from Barkin are positive and suggest that the Fed has time

This article was written by Greg Michalowski at www.forexlive.com.