The consumer often takes the spotlight in the fourth quarter as the holiday shopping season approaches. This focus seems particularly relevant today as the market adjusts to higher interest rates. So far this year, the consumer has shown remarkable resilience, driving better-than-expected economic growth over the summer while aided by higher paychecks and a drop in headline inflation. However, payroll growth is slowing, savings cushions are dwindling, and higher credit card rates are squeezing budgets. The dependability of consumers continues to be tested as everyone adjusts to the new normal in interest rates.
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