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Bloomberg Surveillance
Surveillance: US Fragmentation with Peterson
Aug 28, 2023
Guests Dana Peterson, Phil Orlando, Mohamed Younis, and Anna Ashton discuss topics such as US economic fragmentation, Fed rate hikes, GOP lineup, US-China relations, and export controls in China's technological development.
24:50
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Quick takeaways
- Consumer and sovereign debt in the US are at concerning levels, with rising interest rates making it challenging to service the debt.
- There is significant fragmentation in the US economy, with different age and income groups responding differently to economic conditions.
Deep dives
Consumer and Sovereign Debt
According to Dana Peterson, Chief Economist at the Conference Board, both consumer and sovereign debt in the US are at concerning levels. Credit debt for consumers has risen to pre-pandemic levels, causing an increase in delinquencies. Additionally, sovereign debt in the US is extremely elevated, and rising interest rates are making it even more challenging to service the debt. This is a cause for concern, especially as consumers may soon run out of excess savings and face the burden of student loan repayments.
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