Fed's Kashkari: Consumer spending continues to exceed expectations

US consumer spending continues to defy expectations for it to falter in the face of the US central bank's stiff interest rate increases. Minneapolis Federal Reserve President Neel Kashkari said on Friday, per Reuters.

Key quotes

"I would have thought with 500 basis points or 525 basis points of interest rate increases, we would have slammed the brakes on consumer spending and it has not slammed the brakes on consumer spending,"

"It continues to exceed expectations."

Market reaction 

These remarks did not trigger a noticeable market reaction, and the US Dollar Index (DXY) was last seen trading at 105.58, unchanged on the day.