Daily Briefing: The U.S. Consumer Boosts the Stock Market
U.S. equity indexes were well in the green Thursday afternoon despite the fact that gross domestic product contracted at an annualized rate of 1.4% during the first quarter, according to the Bureau of Economic Analysis. Earnings reports continue to reflect consumer resilience in the face of historic inflation, even as the conflict in Eastern Europe metastasizes and the situation in Japan – with the central bank still trying to control the yield curve but the government pushing for a stronger yen – threatens a fiscal crisis. “The bottom line with the U.S. economy is where the breaking point is with respect to the consumer response to ever-rising prices,” notes Peter Boockvar. “We are moving closer to it, and there are signs here and there that we are hitting it. But, from what I’ve heard from company CEOs, we’re not there yet.” Boockvar, the CIO of Bleakley Advisory Group, joins Ash Bennington for today’s Real Vision Daily Briefing to talk about the economy, inflation, and today’s price action. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/3OCdmQu
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