US Seeing Consumer's 'Last Stand,' Stifel's Piegza Says

The video discusses the current state of consumer activity and confidence, noting a rise in activity but a decline in confidence. It highlights concerns about increased credit card debt and the depletion of savings. The market's reaction to inflation data is examined, with questions about whether current trends are temporary. The Federal Reserve's perspective is analyzed, focusing on the need for a decline in consumer activity and job destruction to reduce wage pressures. The Fed's focus on core services excluding housing is also discussed, with an emphasis on the need for further economic slowing.

What trend was observed in consumer activity at the start of the year?

• Increased consumer confidence

• Decrease in consumer activity

• Stable consumer activity and confidence

• Increased consumer activity with decreased confidence

What is the market's response to the recent inflation data?

• The market is ignoring the inflation data

• The market is pushing back against the view of temporary inflation

• The market is confident in a stable economy

• The market is expecting a rapid economic growth

What does the Federal Reserve need to see to gain confidence in reducing wage pressures?

• Increase in consumer spending

• Significant job creation

• Significant decline in consumer activity and job losses

• Stable inflation rates

What is the Federal Reserve's focus in terms of services?

• Core services excluding housing

• Core services including housing

• Only housing services

• All services equally

What is expected to happen as the Federal Reserve continues to raise rates?

• The economy will grow rapidly

• The economy and consumer activity will slow

• Consumer confidence will increase

• Inflation will rise