“Consumers Spending At The Fastest Pace We’ve Ever Seen”
NEW YORK (AP) — The head of the nation’s second-largest bank said consumers are spending “at a faster rate” than he’s ever seen but he remains concerned about how inflation and supply-chain issues will influence the economy going into the winter. – Brian Moynihan, CEO, Bank of America
The above statement by Brian Moynhan jibes with our view and posts over the course of 2021.
In our last post, a bit too wonky, we tried to convey how out of whack the bond market is with the economy. We have redone the chart to rid it of the COVID outliers and it more clearly illustrates the historic difference beween nomimal GDP growth, which should come in aournd 15 percent in Q4, and the 10-year note yield. The differential this quarter will come in only second to Q2 1978.
Source: https://global-macro-monitor.com/2021/12/14/consumers-spending-at-the-fastest-pace-weve-ever-seen/
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