Reflation Narrative Gets Marginal Boost From Incremental Data

Reflation Narrative Gets Marginal Boost From Incremental Data

It might be "old news" in some respects, but personal income and spending data for December out Friday was better than expected. Spending fell 0.2%, half of the expected 0.4% drop. This of course comes on the heels of Thursday's GDP report, and should be considered in that context. Personal spending for the quarter was weaker than expected, underscoring the extent to which waning stimulus, the winter COVID wave, and shrinking cash buffers are seemingly squeezing the American consumer. Note tha
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