How Consumer Behavior Is Affecting the Economic Recovery
Heather let me start with you. And i want to start with inflation. We got the cpi this week. Year-over-year consumer price index is running at five percents Which is a lot by historical standards. Maybe not so much when you think about base effects but let me ask you this that is to say effects last year over this year Here's the deal though. We're talking about inflation. All the time transitory this and that the deal is though that consumers are feeling it. It's real right gases. Up food is up. It's it's tangible. It definitely is especially for low income consumers. We saw him that university of michigan survey out today that the bottom third of earners are really pretty terrifying about these rising prices. They obviously don't have a lot of extra money to adjust and and in particularly what really worries me going forward. A lot of this stuff you can wave off. The base affects you. Were talking about or things like air fares going office in other having added back enough flights yet but when you start to really drill down on things like rent prices and that is something that you usually lock in for a year or more. So that's not something that's just going to go away after the summer and we're starting to see some pickup and things like rent prices and so i think going forward That's really what i'm focused on. How much that sticks around.