Inflation is the biggest worry for consumers in 2024: Santander US CEO

Several Federal Reserve officials have continued to signal a higher-for-longer interest rate environment. As investors await potential rate cuts later this year, Santander (SAN) US CEO Tim Wennes joins Yahoo Finance Live to discuss why the American consumer ultimately remains "in a good place" despite inflation uncertainty.
Wennes notes the consumer has shown "strength" through strong and resilient employment. Per a Santander survey, over 70% of middle-income Americans feel on the "right track" financially.
However, he acknowledges "challenges" to affordability in areas like mortgages and auto loans as higher rates slow "loan demand." With inflation the "number one" challenge, Wennes says two-thirds of consumers are adjusting their spending.
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