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And inflation is not necessarily 8.2% or whatever.
I recall consumer confidence still being very strong.
Most recent conversation with a neighbor: "I'm heading into winter without yet being able to replace the tires that I said last winter would not even make it through the summer." Anecdotal, sure ... but these "anecdotes" are increasing in number and severity.
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this is not necessarily bad, that means they are not hoarding cash because the economy uncertainty, I recall consumer confidence still being very strong.