Nakikita ng Citigroup CEO ang mga crack na umuusbong sa mga consumer
Lower-end consumers have shifted buying patterns to save money as their bank accounts dwindle in size, according to CEO Jane Fraser. The third-largest U.S. bank by assets has been monitoring its credit card customers for signs of distress, Fraser told CNBCs Sara Eisen on Friday in an interview. “We are paying attention to the lower FICO consumer, where there are cracks” forming, Fraser said, referring to the widely used credit-scoring system from Fair Isaac Corp. “I think some of the excess savings from the Covid years are getting close to depletion.” The U.S. government injected trillions of dollars into households and businesses during the pandemic to avert disaster, money that has helped keep the economy humming for longer than many forecasters expected. At the same time, the Federal Reserves most aggressive interest rate hiking cycle in four decades has made credit card, mortgage and auto debt more expensive, and late payments and defaults have been climbing. When asked what other CEOs are telling her about the state of the economy, Fraser said that besides comments on artificial intelligence and labor tightness, corporate leaders have told her that demand is softening, she said. “Particularly [for] the bottom end of the consumer, that‘s the one that we’re
