Even as they cool the economy, the U.S. Federal Reserve policymakers hope to avoid tipping it into a recession — a notoriously difficult achievement that economists call a 'soft landing.'
At the height of the post-pandemic economic recovery, Andy Parazette's taco shop enjoyed such a crush of business that customers sometimes had to wait an hour for a burrito.
“We've had our reprieve,” said Parazette, 54, who has owned Pica’s Taqueria with his wife, Danielle, for 22 years. “It's not necessarily a bad thing.” Jackson, to be sure, is not a bellwether community. It lies in Grand Teton County, the richest and most unequal county in the nation. Average-sized homes sell for millions. The area includes a branch of First Republic Bank, which caters to mostly wealthy clients and was one of three major banks that collapsed last spring. When Target opened a new store recently, it plunged into the competition for workers by dangling US$25 an hour.
Raphael Bostic, president of the Federal Reserve Bank of Atlanta, says he's still optimistic that the central bank can thread the needle and achieve a soft landing. Some domestic travel has been siphoned away by a burst in overseas tourism. But STR's president, Amanda Hite, said even some luxury travelers have pulled back on leisure spending. Lower-priced hotels have also seen fewer customers compared with previous years.
Keith Sproule, who owns the Brentwood Inn in Jackson Hole, said he's marked down the cost of some of his suites by as much as one-third to ensure that they're booked.Sales remain healthy at Skinny Skis, an outdoor retailer in downtown Jackson, said co-owner Taylor Hall. Its customers are not inflation-sensitive, given their high incomes, he acknowledged.
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