This is the best summary I could come up with:
“If the delinquency rate of consumer loans starts rising, that is often a leading indicator for, ‘things are about to get worse,’” he said at a moderated panel hosted by the Society for Advancing Business Editing and Writing.
Economists say a strong economy, a solid job market and growth in household income has helped support consumers and makes a mass retrenchment in spending this year unlikely.
Lower-income Americans have been hit harder than their higher-income counterparts, turning to eating at home, searching for deals and dialing back their spending to ease the pain of persistent inflation and high rates.
“The lower-income consumer in the US is stretched, is strategizing a lot to make their budgets get to the end of the month,” said PepsiCo Chief Executive Ramon Laguarta in the company’s earnings call on Tuesday.
In a letter disclosed Wednesday, Devin Nunes, CEO of Truth Social owner Trump Media (DJT), alerted the GOP Chairmen of the House Ways and Means, Judiciary, Financial Services and Oversight Committees to the “urgent matter” of “potential manipulation” of the company’s share price.
A year after the failure of Credit Suisse, the Swiss government says UBS may have to find as much as $27 billion to absorb potential losses and protect taxpayers from ever having to bail out a major bank, reports my colleague Hanna Ziady.
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