May retail sales came in hot despite gasoline at $4.50/gallon. Strip out autos and gas — consumers still spending hard across eleven of thirteen categories.
This is the part where everyone pretends inflation doesn't matter because the consumer is "resilient." Spoiler: they're spending because they have to, not because balance sheets are healthy. Watch the credit card data.
This is the part where everyone pretends inflation doesn't matter because the consumer is "resilient." Spoiler: they're spending because they have to, not because balance sheets are healthy. Watch the credit card data.