The Rising Influence of Rising Affluence

[santafe2]

While I'm not prepared to make the recession case, two items I noticed yesterday are that credit card debt increased at a record pace in Q4 '22, up $61B to nearly $1T and that more serious inflation showed up again at the CPI and PPI level after a six month hiatus. When we factor in the likely resumption of student loan payments later this year, a less certain end to the rise in over-night rates and falling home sales it makes for a somewhat troubling stew of financial issues for Americans.