The US shopper hasn’t cracked but

April credit card data from Bank of America doesn’t show a slowdown in US consumer spending. If anything, there was a slight acceleration in early April after tariffs were announced.

1) This could be tariff front-running

2) Drops in consumer confidence haven’t led to less spending

There are certainly reasons to worry about the US and global economy but I think the layoffs need to come, or we need to signs of real inflation before the market wilts.