The Real Test for Markets is Now

“What's Walmart? Do they sell like wall stuff?” — Paris Hilton

Chart of the Day

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The resiliency of U.S. consumers is constant and beyond admirable. But whether that dependable trend survives yet another round of price increases—starting big with Walmart—will arguably serve as the most important test for markets this year. 

When Covid-19 upended global supply chains, price increases followed. Thanks to stipends, high wage growth, and an overall hot l...

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