Randall S Kroszner: Recent innovations in credit markets Remarks by Mr Randall S Kroszner, Member of the Board of Governors of the US Federal Reserve System, to the 2007 Credit Markets Symposium at the Charlotte Branch of the Federal Reserve Bank of Richmond, Charlotte, North Carolina, 22 March 2007.
For a given nominal wage, their loss in purchasing power has been larger than that of others as the gap in the inflation rate faced by the lowest and highest income quintiles has been rising sharply over the course of this year, reflecting differences in the weight of energy and food in people’s expenditures (Slide 4, right-hand chart).