Price hikes hit consumers first

The dominating weakness was related to less favorable assessments of buying conditions, mainly due to less favorable perceptions of market prices and to a lesser extent, rising interest rates. Future income and job certainty have become the main reasons cited by consumers for their positive spending views.

The U of Mich consumer survey.

Important to note, consumers affected first  by rising prices, not so much interest charges. Spending plans have been trending lower of late, but we are still within normal volatility on this.    Watch discretionary spending, restaurants, gardeners, and vacations.