Something is not quite right here.
Despite The Fed signaling rate-cuts as far as the eye can see, US credit-card interest rates have soared to the highest since 2001.
And despite credit card rates being at 18-year highs, US revolving debt (largely made up of credit card debt) has exploded in July to its highest on record.
This was the biggest MoM jump in revolving debt since Nov 2017...
Is the American consumer really that healthy? The recent exuberance over retail sales gains seems to be largely predicated on the back of an average joe who is forced to use his high-cost credit card to cover everyday expenses.