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The Credit Cycle Is Built on the Consumer—and Will End With Them
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The Credit Cycle Is Built on the Consumer—and Will End With Them

From Expansion to Exhaustion: Tracking the Consumer Through the Cycle

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Capital Flows
Jul 23, 2025
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Capital Flows
The Credit Cycle Is Built on the Consumer—and Will End With Them
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The Credit Cycle Is Built on the Consumer—and Will End With Them


Consumer Macroeconomic Playbook:

Consumer Macroeconomic Playbook
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Macro Breakdown Of WHERE We Are Going:

I laid out my initial words of caution amidst the melt-up we are seeing, and I would encourage you to review them:

A Word Of Caution Amidst The Melt Up

Capital Flows
·
Jul 23
A Word Of Caution Amidst The Melt Up

Big Picture:

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What I want to zoom in on is the consumer and the specific signals we are seeing. As I noted in the video above, we are seeing a lot more capital and onboarding of consumers into HOOD 0.00%↑:

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