— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) October 7, 2026
In my consumer is spent up and not pent up series I have discussed the impending weakness in the consumer — sticky and cumulative inflation (since 2020), a five month decline in real wages, a drawdown in the savings rate and the weakness in housing prices.Â
Should energy prices continue their ascent I am fearful of an abrupt drop in personal consumption.
Moreover, the price of oil is likely to be a meaningful political issue in the mid terms.
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