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One Bank Brings You The ‘Word From Main Street’, And The Word Is…
Guess what? Well, I'll tell you. BofAML is launching a new survey of US consumers called "Word From Main Street".
Apparently, Wall Street needs to conduct surveys to get a read on what the "word" from Main Street is, because after all, if you're working in lower Manhattan and pulling in a cool 300k, you're probably not spending a lot of time hanging out with the poors in social settings.
So what they're going to do with these surveys is "ask questions on current conditions and expectations
These results don’t seem like much of a surprise given what economists have traditionally shown in research on the marginal propensity to save.
This story reminds me of the recent Atlanta Fed survey on what businesses were going to do with their tax breaks. Apparently not increased capex.
http://macroblog.typepad.com/macroblog/2018/03/what-are-businesses-saying-about-tax-reform-now.html
These surveys are discovering big issues at a very late date.