Two charts to watch for the next few quarters. First, consumers had excess savings that are being depleted. The other part of the story is that global bond yields are at the highest levels since 2009.
Sources: [1]: SF Fed: https://www.frbsf.org/our-district/about/sf-fed-blog/excess-no-more-dwindling-pandemic-savings/ [2]: Bloomberg: https://www.bloomberg.com/news/articles/2023-08-17/global-yields-march-to-15-year-highs-even-as-investors-pile-in?utm_source=website&utm_medium=share&utm_campaign=twitter
I read an article that was eye-popping to me yesterday. It was sharing stats on the number of people who are surrendering pets. Expenses leads the list, RTO is contributing some. But if expenses are so tight that families are giving up their pets, then I am not so sure about a soft landing.
