Household spending is slowing, particularly for goods sensitive to interest rates like housing and furniture. More broadly, consumption growth appears to have weakened considerably in the second half of 2022. Some of this slowdown reflects the waning boost from the reopening of the economy, but higher interest rates have contributed.
1/3  BIS - Central bankers' speeches  The economic outlook We know it takes time for higher interest rates to work through the economy to slow demand and reduce inflation. That's why policy needs to be forward-looking.