U.S. consumer borrowing accelerated in February and consumers started to use their credit cards again as economy recovered from the coronavirus pandemic, according to Federal Reserve data released Wednesday.Economists has been expecting a much smaller increase, according to a survey of economists conducted by the Wall Street Journal.
T.J. Connelly, head of research at Contingent Macro, said some of the increase was likely due to the severe cold weather in February. Consumers tend to use the credit cards more during emergencies, he said. “If you look at consumer credit – it was really strong there,” Brainard said in an interview with CNBC.
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