Tue Jul 6, 2004

ASHVILLE, N.C., July 6 (Reuters) - Recent economic data confirms the U.S. economic recovery is onto a solid footing and higher fuel prices have not yet had a visible impact, Federal Reserve Bank of Richmond President Alfred Broaddus said on Tuesday.

"There is still a little bit of anxiety on the potential impact of rising fuel prices on consumer spending and consumer confidence going forward," he told the Southeastern Association of Tax Administrators during a breakfast speech.

"But there is no really significant hard evidence of a negative impact of that," he said.

Broaddus retires at the end of this month and the Richmond Fed has already named its head of research, Jeffrey Lacker, as his replacement.

Mortgage Rates News, Mortgage News, Financial News