In this clip from The Macro Show, Macro analyst Drago Malesevic and Keith McCullough take a look at U.S. credit card delinquency data and what it portends for the markets and economy.
“The pandemic represented the mother of all bailouts for the most fragile segment of the consumer, and now we’re on the other side of that credit outperformance,” Malesevic explains. “Accordingly, we’re seeing 30-day delinquency rates at Discover and Capital One really shoot up.”
“Don’t forget, our projections for the U.S. economy are far worse than the Fed’s and Wall Street’s,” McCullough adds.
“Wall Street thinks we have goldilocks. They think because the stock market went up, they’re going to get their bonus and we’re not going to have a recession. That’s a small percent of the population. That’s not the cycle. What Drago just showed you is The People.”
Watch the full clip above.
