‘YOLO’ spenders are propping up the economy —but they’re about to run out of cash

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According to Wharton professor Jeremy Siegel, the U.S. economy appears to be “progressing smoothly, with a resilient consumer impervious to the impact of higher borrowing costs.” These spenders are the “YOLO (you only live once) consumers” who, Siegel believes, are spending the last of their cash reserves on traveling and enjoying the summer.
(Bill Gross) 4 trillion of COVID spending still dripping into economy with consumers still spending their last $500 billion or so. The trick is when to time the end of it. Fourth quarter is best guess.
JPMorgan boss Jamie Dimon also warned that consumer spending would run out this summer, after being battered by inflation from volatile energy prices and ongoing uncertainty arising from the Russian invasion of Ukraine.