Trick Or Treat?

Check out the accompanying pdf and chart collection. Executive Summary: Treat: Consumers’ soaring net worth since the pandemic has reduced their need to save, in our opinion. That might explain why consumer spending has been resilient despite hard-landers’ warnings that households were depleting their excess saving and would have to retrench by now. … Treat: Inflation is still on course to fall to the Fed’s 2.0% target. … Trick: The Treasury might spook investors again on Wednesday when it details its next round of financing needs.