Last week I said I'd watch what the banks were seeing. Well, the numbers are in.
JPMorgan's card spending rose 10% from a year ago. Wells Fargo's consumer loans grew 4%. Citi's card delinquencies were steady or slightly better.
Not exactly a consumer credit meltdown.
That doesn't mean households are suddenly comfortable. Higher prices still hurt, and banks tend to lend to people with stronger credit.
But there's a difference between feeling squeezed and actually missing payments.
And right now, that difference matters.
