People are mocking any statements about a strong consumer If the consumer is really that weak then why is the labor market so strong, why is consumption expanding, why are delinquencies for mortgages at cycle lows ? You can come up with excuses all day but the people buying stuff are consumers People will say, all the data is bad. If that’s true then why are long end rates still at highs ? Everything points in one direction but no one wants to accept it This is why recession trades keep getting destroyed