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People Are Running Out Of Money
According to the latest update, US consumers are out of savings. As nominal incomes have slowed way down, consumers have cut back only somewhat mainly spending on goods - causing the goods recession every big-name company is currently warning over. With unemployment rising and savings gone, there's no margin left even to maintain the current rate of decline.
Eurodollar University's conversations w/Steve Van Metre
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.