Despite all the recession talks and worsening economic conditions, consumers seem to be fine (for now), which might disturb our thesis of lower inflation and a recession in H2. In this piece, we’ll shed some light on the household balance sheet and deduce what it means for macro the next couple of months
![Spending Watch: Looking into the balance sheet of US Households](https://stenoresearch.com/wp-content/uploads/2023/02/Spending_Watch-1080x675.png)