US consumers have basically stopped using their credit cards. According to the Fed’s latest data, revolving consumer credit declined again, the third time over the last seven months. And one of those other three was basically zero. There has been a clear change in attitude which means Americans aren’t just feeling pessimistic, they’re taking action about it. That is why consumer revolving credit is a critical cyclical signal, it draws together all the major components.

Eurodollar University's Money & Macro Analysis

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Anthony D'Esposito | Inspector General for the United States Department of Labor | 12-19-25