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SaltWire's Atlantic regional weather forecast for October 18, 2023 | SaltWireNEW YORK - The resumption of student loan payments should have only a modest impact on U.S. consumer spending levels, the Federal Reserve Bank of New York said on Wednesday in a report that suggests one of the headwinds the economy was set to face won’t be the negative some had feared.
The New York Fed’s findings were based off data collected as part of its regular Survey of Consumer Expectations, which dates back to 2013 and is best known for its readings on what the public expects for inflation as well as how people describe their economic and financial outlooks.The restart of student loan payments has long been a wild card for the economic outlook.
The New York Fed report noted paused payments totaled $260 billion over the course of the pandemic, “supporting borrowers’ consumption and savings over the last three years.”
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