The Consumer Just Crashed! Credit Card Spending Unexpectedly Cratered In September At -10.8% While Bank Credit Growth Goes Negative For 9th Straight Week

#bubble, #inflation, #wine, @MetreSteven @JeffSnider_AIP @DiMartinoBooth @bondstrategist @RaoulGMI @LukeGromen @dlacalle_IA @EconguyRosie @profplum99 @SantiagoAuFund @biancoresearch @pboockvar @SriKGlobal, Agency MBS, Banking, CRE, Credit, ECB, Economy, Existing Home Sales, fannie mae, Fed, Freddie Mac, GDP, Gold, Housing, Inflation, Mortgage, New Home Sales, Pension, Powell, Silver, SPX, Stocks, Treasuries, Treasury, Volatility, Wages, Yellen, Yield Curve 1 Minute

Coping with inflation caused by Federal spending (and excessive Fed stimulus) is difficult and eventually consumer max out their credit cards. Like now!

Credit card useage nosedived by -10.8% in September, according to Citi. This is the fifth straight month of spending decleration.

Leading the decline was electronics. The leader on the positive sign was … jewelry?? Hey, I thought mobs of people were robbing stores because they were hungry!!

In terms of bank credit, rising rates to fight inflation, bank credit growth Bank credit growth has been negative for nine straigth weeks.

Then we have unrealized losses on bank balance sheets, expected to surge to $700 billion with soaring interest rates.

On a different note, Homeland “Security” head Mayorkas now claims the US has to build a wall to combat the out-of-control immigration on the southern border. Wait! I thought Mayorkas and Congressional members (angrily) claim the border was secure! It doesn’t matter, Mayorkas is simply signalling to blue states that he will build a wall. But how fast is a different question.

Here is a video of tHe Biden Administration arranging for the border wall to be consructed. Mayorkas will likely call O’Reilly the builder to build the border wall.

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