Bloomberg Surveillance · Friday, September 25, 2026
Michael Gapin highlighted the surprising resiliency of the U.S. consumer, attributing it to factors like tax cuts and drawing down savings. He noted that while upper-income households benefit from wealth accumulation driven by AI, the consumer's strength has supported U.S. growth longer than anticipated.
“The narrative is, I'm sure you've talked about over time, is, oh, in the next quarter, the lower and middle income household will be suffering and consumption is going to slow. I think the resiliency of that consumer has been quite amazing.”
“But the consumer has held in. So, the resiliency argument around U.S. growth has been strong. We all wonder how long that can continue, but the data says it's still in play.”