Does high US consumer debt benefit Bitcoin price? By Cointelegraph
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On the latest episode of Macro Markets, Cointelegraph analyst Marcel Pechman explains why United States consumption remains strong while auto-loan and credit card balance delinquency is accelerating. According to Pechman, consumers built a cushion of extra cash savings as the U.S. government injected money to avoid a recession and temporarily forgave student loan repayments.
But, according to investment bank JPMorgan (NYSE:), “consumers have spent down the entirety of their excess savings from the pandemic, which at one point totaled more than $2 trillion,” as reported by Business Insider. Pechman believes that if JPMorgan’s predictions are correct, the stock market should have been trading much lower. Still, Pechman doesn’t think that betting against the S&P 500 is sound advice, given that inflation is right around the corner and the government will be forced to inject liquidity to avoid a recession.
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© Reuters.
On the latest episode of Macro Markets, Cointelegraph analyst Marcel Pechman explains why United States consumption remains strong while auto-loan and credit card balance delinquency is accelerating. According to Pechman, consumers built a cushion of extra cash savings as the U.S. government injected money to avoid a recession and temporarily forgave student loan repayments.
But, according to investment bank JPMorgan (NYSE:), “consumers have spent down the entirety of their excess savings from the pandemic, which at one point totaled more than $2 trillion,” as reported by Business Insider. Pechman believes that if JPMorgan’s predictions are correct, the stock market should have been trading much lower. Still, Pechman doesn’t think that betting against the S&P 500 is sound advice, given that inflation is right around the corner and the government will be forced to inject liquidity to avoid a recession.
Continue Reading on Coin Telegraph
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