Market expert Dominick Tavella said on Tuesday that the economy is slowing down and consumers are pulling back on spending during an interview on Mornings with Maria.
DOMINICK TAVELLA: The Fed is doing exactly what it says it's going to do, which is to slow the economy down. There was a real turnover to our clients recently, where they had 10, 15 people bidding on houses. It's down to two or three people bidding on houses. It's starting to have an effect on the economy. The economy is slowing down, whether it's the Fed or higher energy prices.
The consumers are starting to reduce spending. That means that unemployment numbers might start to go up, whether or not we like it. The economy is slowing down for the average person out there that's trying to make a living.