Gasoline costs in March helped push up overall U.S. consumer prices at the steepest rate in almost a year. Will American consumers tighten their belts? On "Morning Call," two economists debated the matter.
Stephen Stanley, chief economist at RBS Greenwich Capital, warns that in the near term, higher gasoline prices can have a "quick" effect on consumer spending. He told CNBC's Liz Claman that he is "fairly optimistic" that the spending slowdown will pass, but expects a "weak second quarter for the consumer."