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If the housing market does turn down decisively, consumer-spending growth is likely to be a lot weaker than the central bank expects.The economy has proved its resilience in recent years.
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Not only have international commodity prices turned down decisively, but America's state of near-recession means that it will be hard for workers to secure wage rises that match, let alone exceed, the inflation rate.
Turn down the music.
First, turn down the volume.
Turn down the resolution.
Turn down the heat.
Turn down your volume.
Turn down the volume.
Turn down everything else.
Turn down the thermostat.
Turn down the temperature.
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