BofA Consumer Checkpoint (Jun): credit/debit card spening +6.3% Y/Y, the strongest growth in over four years. Increase almost entirely a discretionary story as gasoline prices fall.
- Some strength was likely driven by the World Cup and online promotions.
- Convergence in wages and spending across incomes in recent months, whether this continues into H2 depends on whether underlying labour market momentum can be sustained.
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